XRP prices are currently stable, but the overall global cryptocurrency market is showing positive trends. An expert predicts that Ripple’s native cryptocurrency will receive significant support, with a long-term target of $10. However, there is also a warning that the cryptocurrency may decline to $1.50 before any breakout occurs.
There are several factors that could boost XRP prices. One of them is the impending deadline for the U.S. SEC’s opening statement regarding the Ripple case. Speculation has increased after Ripple’s CLO Stuart Alderoty and CEO Brad Garlinghouse recently had a dinner with Donald Trump, which could influence market sentiment.
In addition, rumors of a potential XRP ETF approval have been circulating among investors. With Trump’s inauguration scheduled for January 20, optimism about pro-crypto regulatory developments in the U.S. has grown. The recent dinner meeting has sparked discussions about a favorable environment for Ripple and its cryptocurrency.
However, market expert Ali Martinez suggests that XRP faces a significant risk of decline. He believes that if the cryptocurrency breaks down from its triangular formation, it could sharply drop to $1.50. Despite this, Martinez maintains a long-term bullish outlook for XRP.
Martinez supports his long-term bullish expectations by stating that XRP presents two potential entry points. He continues to uphold the $10 target for XRP, which bolsters confidence in the asset and establishes market trust.
Currently, XRP is trading at $2.31, reflecting a 0.55% decrease. However, trading volume has surged by 30% to reach $5.4 billion. The cryptocurrency reached a 24-hour high of $2.33 and a low of $2.24. On the other hand, open positions in futures have decreased by 0.4% to $4.25 billion.
There has been speculation in the markets after Ripple Labs moved 300 million XRP. However, most view this transaction as an internal transfer of tokens. Therefore, while XRP may experience short-term declines, it appears to have long-term growth potential.
The expert’s $10 target continues to support market sentiment, indicating that the cryptocurrency is on a recovery trend in the long run. Staying updated on developments related to Ripple and XRP is crucial for investors, as legal processes and regulatory changes could significantly impact the cryptocurrency’s future.
