The price of XRP has fluctuated wildly over the last three months. It even almost doubled in July, after Ripple won the first round of victory against the SEC.
In all, Ripple has shown remarkable resilience this year, and a strong ability to perform in terms of price.
In this article, we will be going over a few crazy things.
Let's jump into the rest of the article, and see what's going on with the cryptocurrency in terms of price, on-chain metrics and how an analyst now believes that Ripple is about to outperform ETH by a whopping five times increase.
Back in July, a well-known crypto analyst, Dark Defender, shared an analysis piece on Twitter, about how Ripple was about to break a 2018 ETH resistance somewhere around $1, and was about to "flip Ethereum over"
Recall that this was around the time that Ripple rallied to $0.946 after the Ripple versus SEC court saga.
In a later analysis piece in August, the analyst used the Elliott wave theory to determine that XRP's price would decline and retest the $0.5 zone.
True to his word, Ripple indeed declined and is even trading at the $0.49 zone at the time of writing.
However, in his latest Ripple post, Dark Defender confirmed that XRP had completed the support retest on ETH, and was now ready to rally "5 times more than ETH".
You should keep in mind that this does not imply that Ripple would rise five times on its own.
The analyst means that Ripple will increase by 10x if ETH increases twofold, and by 15x if ETH increases 3x.
According to the analyst's post, if ETH were ever to hit the $10,000 mark, it means that Ripple would be worth about $12.5.
BlackRock, the world's largest asset manager, boasting more than $9.1 trillion in Assets Under Management (AUM), came into the crypto spotlight recently, after filing for a new Bitcoin ETF with the US SEC.
However, according to the rumours, the asset manager was now shifting its sights towards Ripple.
The speculation was such a massive topic because if the reports were true, XRP's market value would promptly explode.
Keep in mind that Ripple is a remittance token with several use cases at the moment, particularly in the area of cross-border transactions.
Needless to say, if Blackrock was indeed considering an XRP ETF, now would be a good "sell your house and buy XRP" moment.
However, the reports turned out to be false, and as it stands, we may not be seeing an XRP ETF anytime soon.
Currently, BTC spot ETFs are the goal, and crypto spectators are patiently awaiting the SEC's judgment.
Sorry folks!
Dessislava Laneva, an analyst at Kaiko, in a new post, estimates that overall XRP transaction volume has reached $30 billion in 2023, over US-based crypto exchanges.
According to Laneva, Solana (SOL) recorded the second-highest cumulative trade volume, followed by Litecoin (LTC), which came in third.
Dogecoin (DOGE), the "memecoin king" with a transaction volume of less than $20 billion, came in fourth. Shiba Inu (SHIB), its most noteworthy opponent, is in eighth with transactions totalling almost $10 billion (from 2023's beginning and the present).
However, Ripple has overtaken all and is ranked the top-traded altcoin on US-based crypto exchanges.
At the time of writing, XRP broke above the $0.5 resistance and even hit a high of $0.52.
However, the cryptocurrency faces resistance at this zone and is now holding a red engulfing candle on its daily chart.
The bearish engulfing candlestick on XRP's chart for 21 September paints a bearish outlook, and the RSI is starting to lean more towards the bearish side.
Coupled with how Ripple has been bearish since its July $0.946 high, we end up with this descending trendline:
Ripple may decline further into a retest of $0.4176, before retaking a rally straight up, past $0.5 once more.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.