The price of XRP has risen by 4% in the past 24 hours, reaching $0.6719 as the cryptocurrency market consolidates its recent gains.
The altcoin is now up by 25% in a week and by 28% in the past fortnight, although its annual return is currently a pretty modest 3%.
Yet the market’s bullish turn has led some analysts to predict ambitious price targets for XRP, which is also witnessing an increase in token burns via XRP Ledger.
And with Trump’s election likely resulting in a friendlier regulatory framework for crypto, XRP could easily find itself topping $1 in the not-too distant future.
13 Million XRP Burned, Analyst Predicts $6.4 Target as Scarcity Rises
This past week saw XRP Ledger reach the milestone of having burned 13 million XRP, worth around $8.7 million in today’s prices.
Such a total may be modest, but it has risen more rapidly in recent weeks, with the growing use of XRP Ledger’s Automated Market Maker resulting in more burning.
Such trends are now encouraging analysts to make bold predictions regarding XRP’s future, with online analyst EGRAG CRYPTO suggesting recently that the coin could really take off once it reaches and consolidates around the $1.10 price.
And there’s every chance that XRP will reach $1 and higher in the near future, with the coin’s technicals and fundamentals both pointing towards big returns.
On the one hand, Donald Trump’s return to the White House may result in the removal of Gary Gensler as SEC Chairman, which in turn could bring a quick end to Ripple and the SEC’s ongoing legal feud.
This would be a big boost to Ripple and XRP, which may witness a big rally in response to any change in SEC leadership next year.
For now, it’s in a good position to resume yesterday’s rallying, not to mention the rallies of the past week or so.
Its RSI has bounced up from 40, suggesting a return of buying pressure as traders take advantage of the relative dip.
Source: TradingView
At the same time, the coin’s trading volume is close to $10 billion today, the highest it has been all year.
This would imply significant accumulation, as we see with current transfer data.
As such, XRP is on course to reach $1 at some point in December, and could potentially break through $1.50 in the first quarter of next year.
New Presale Tokens for Market-Beating Rallies
Regardless of what Ripple itself does in the coming 12 months, XRP is likely to ride an increasingly bullish market.
Yet it may not outperform many other alts, meaning that traders seeking the biggest gains should diversify into alternatives.
Such alternatives should include some presale coins, which can often surge when they list.
New ERC-20 token Flockerz (FLOCK) is one coin likely to do just this, with its presale already having raised over $1.6 million.
Flockerz is one of the market’s first ever vote-to-earn tokens, meaning that it will reward holders for participating in governance votes.
Its community will decide every decision concerning its development and growth, with voters receiving greater rewards the more they participate.
Flockerz will also have a staking mechanism, so holders will be able to earn staking rewards in addition to voting rewards.
This could make FLOCK very profitable to hold, which perhaps explains why so many investors are rushing now to get some early.
It will have a max supply of 50 billion FLOCK, with 20% going to its presale, 25% to staking, and another 25% for governance rewards.
Potential investors can join FLOCK’s presale by going to its official website, where they can buy the coin at a price of $0.0060049.
Its sale will have 50 stages in total, so this price will have increased considerably by the time it ends.
Yet it’s likely to rise much higher once it begins listings, such is its early progress.
Join FLOCK Now
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