The post Will XRP Price Surge by 3,860% to Hit $17? Exploring Key Catalysts appeared first on Coinpedia Fintech News
The current regulatory environment has created uncertainty for Ripple and the broader crypto market. According to the expert Cheeky Crypto, significant capital inflows into XRP are creating a golden opportunity for investors. But what is driving this sudden surge, and is it a fleeting moment or a sign of a major comeback for XRP? He brought to attention several reasons why XRP might stage a comeback soon.
Dramatic Increase in Investment Inflows
He started by discussing how XRP has seen a dramatic increase in investment inflows. According to a report by CoinShares, investment in XRP-focused products surged by over $400,000 last week alone, bringing the total to more than $18.4 million since the beginning of the year.
This spike in investment was further boosted by the launch of the Vinter XRP ETP on Nasdaq Stockholm, joining other established products such as the 21Shares Ripple XRP ETP, CoinShares Physical XRP ETP, the ETC Group Physical XRP, and Valour Ripple XRP.
Overall, digital asset investment products saw inflows totaling $441 million, indicating investor confidence despite recent price volatility driven by external factors like the Mt. Gox sell-off and German government actions.
Recognition in the Fintech Space
He also said that Ripple was named one of the top 250 fintech companies, alongside major names like Coinbase, OpenSea, and Ledger. This recognition underscores Ripple’s strong position in the digital asset space and its potential for future growth.
The “Bent Fork” Chart Analysis
Analyst EGRAG Crypto introduced the “Bent Fork” chart for XRP, explaining historical support and potential future targets. As of June 2023, the chart suggests a new top target of $17, with key resistance at $1. This $1 mark serves as both a structural barrier and a psychological hurdle, given its significance in past trading behaviors. The all-time high for XRP is $3.50, and breaking this level could open the gates to substantial gains. The $1 mark remains a significant structural and psychological barrier. The equilibrium price around $1.80 is considered a major target, with the ultimate potential target set at $17.
If this happens, XRP will record gains of a whopping 3,860%, given that the price is now trading at $0.44.
