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July 19, 2024
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XRP Price Rally: Economist Predicts XRP To Initiate Crypto Bull Run

The post XRP Price Rally: Economist Predicts XRP To Initiate Crypto Bull Run appeared first on Coinpedia Fintech News

Henrik Zeberg, a renowned macroeconomist and trading expert, recently predicted an imminent surge in the value of XRP, along with other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). He believes the crypto market is on the brink of a massive rally, with these assets poised to lead the charge.

XRP’s Impressive Growth in Q1

Right from January 1st, XRP experienced a remarkable surge of over 70%. However, breaking through the multi-year resistance level at $0.55 has proven challenging, with its value hovering around $0.51 at the time of writing. 

Following a significant spike, XRP managed to break the multi-year descending trendline, a crucial level on the weekly timeframe, indicating positive market sentiment.

XRP’s growth now faces two significant hurdles: the price range of $0.53-$0.58 and the 100-week moving average positioned at $0.63. Should XRP surpass the $0.53-$0.58 zone, a rally towards the 100-week moving average becomes more likely. However, if it fails to break this range, the descending trendline will act as Ripple’s primary support level.

Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?

Ripple’s New Liquidity Hub Sparks Optimism

The recently unveiled Ripple Liquidity Hub has generated excitement among crypto enthusiasts, many of whom foresee its potential to catapult XRP to unprecedented heights even though it’s not currently supported.

Ripple recently highlighted that the product team designed the Liquidity Hub to access a wide range of crypto liquidity, not just XRP. According to the company, the primary target customers for the Liquidity Hub, mainly US-based institutions, are more interested in tokens such as BTC, ETH, and stablecoins.

Despite the ongoing legal battle between the SEC and Ripple, interest in XRP has grown significantly, with the global number of XRP addresses exceeding 4.6 million. Crypto analytics firm Santiment reports that there are currently approximately 1.08 million active XRP addresses.

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