Despite the concerns raised by Ripple’s top officials regarding the low liquidity of XRP, the digital asset has maintained its position above 50 cents. The XRP community continues to push for regulatory clarity in the United States, as it is crucial for Ripple’s enterprise customers.
Nevertheless, periodic monthly sales of XRP remain a significant source of profit for the company, which also sells XRP to ODL customers outside the US.
XRP Price Targets
A detailed XRP analysis by popular crypto Twitter analyst @egragcrypto reveals that the Bollinger Band indicator on a higher time frame is offering clear XRP price targets. If XRP bulls manage to close above $0.58 on a daily time frame, higher highs can be secured.
On the lower targets of 48 and 37 cents, the analyst believes XRP price may revisit this region if Bitcoin price retests the level between $25k and $27k. The analyst concludes that the perfect setup for the BB Jaws to close is when XRP ranges between 0.50c-0.55c.
1500% Spike For XRP?
The XRP market dominance has moved in sync with its underlying value, which recently broke out from a falling logarithmic downtrend. Egrag Crypto’s analysis suggests that XRP has consolidated in a wedge formation in the past few years, making a spike of over 1500% plausible in the XRP market.
Currently, XRP has a market dominance of approximately 2.1%, but the analyst believes it could spike to above 31%.
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