Despite concerns raised by senior Ripple officials over XRP’s low liquidity, the digital asset held 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 corporate clients.
Nevertheless, the periodic monthly sales of XRP remain an important source of profit for the company, which also sells XRP to ODL customers outside the United States.
XRP Price Targets
A detailed XRP analysis by popular Twitter crypto analyst @egragcrypto reveals that the longer timeframe Bollinger Band indicator offers clear XRP price targets. If XRP bulls manage to close above $0.58 on a daily time frame, higher highs can be achieved.
On the lower targets of 48 and 37 cents, the analyst believes that XRP price could revisit this region if Bitcoin price retests the level between $25,000 and $27,000. The analyst concludes that the ideal setup for BB Jaws to close is when XRP is between 0.50c and 0.55c.
1500% spike for XRP?
The dominance of the XRP market has moved in sync with its underlying value, which recently broke after a logarithmic downtrend. Analysis from Egrag Crypto suggests that XRP has been consolidating in a wedge formation over the past few years, making a spike of over 1500% plausible in the XRP market.
Currently, XRP has a market dominance of around 2.1%, but the analyst believes it could reach over 31%.