TL;DR
- Bullish analysts envision new peaks for XRP, but there is a catch.
- Despite recent underperformance, the asset continues to see increased adoption from major crypto exchanges, which could boost its liquidity and support future price growth.
XRP Rally Under This Condition
The cryptocurrency market recorded an uptick in the past few weeks, with Bitcoin (BTC), Solana (SOL), Dogecoin (DOGE), and other leading assets witnessing substantial gains.
However, Ripple’s XRP was among the very few that did not catch the wave. Its price is down over 10% on a monthly scale, currently trading at around $0.52 (per CoinGecko’s data).
The unsatisfying performance, though, has not changed the stance of some optimistic analysts who believe XRP will experience a bull run sooner or later.
One example is the popular X user Dark Defender, who assumed that the token’s price might skyrocket to a new all-time high of $5.85 and even $18.22 if it exceeds the major resistance level of $0.66:
“And as soon as we see XRP above $0.66, a day, a week, a month, then we will see tremendous moves. $0.6649, the final boss, and was not and still not easy to eliminate.”
The analyst claimed these targets remain plausible as long as XRP’s price does not plunge below $0.48 and “most importantly” $0.3917.
“We know and see what is going on in the background. Less people remain in the ship, we see. But I trust myself, Ripple, and XRP. Exciting times are ahead of us,” Dark Defender concluded.
XRP’s Adoption on the Rise
Despite not performing well lately, the token continues to receive further support from leading crypto exchanges. The latest to jump on the bandwagon is the Seychelles-based MEXC, which claims to have over 10 million users.
Other well-known platforms that allow trading services with XRP include Binance, Kraken, Crypto.com, Coinbase, KuCoin, Bitstamp, Bybit, Huobi, and more. Interestingly, some delisted the asset shortly after the US SEC started its legal war with Ripple toward the end of 2020.
The company, though, secured a vital (yet partial) court victory in the summer of 2023, and many of these exchanges restored services with XRP.
Increased adoption from trading venues enhances the liquidity of the token and boosts its credibility and accessibility. As such, it could be considered a bullish factor for the price.
