XRP Shocks Market with Sudden Surge, Long-Term Prospects Debated
XRP defied the altcoin market’s sluggishness with a surprise bullish rally in the last 24 hours. The price skyrocketed from $0.6215 to over $0.74 within six hours, representing a staggering 19.38% gain. This surge marked XRP’s highest point since July 2023, breaking a seven-month downtrend that frustrated many holders.
Read Also: K9 Finance DAO Token (KNINE) Hits New High, Aims to Unlock Shibarium Liquidity
#XRP is UP 17% in the past 24 hours.
Is it finally time for #XRP to shine? 🚀
— Bitrue (@BitrueOfficial) March 12, 2024
Crypto Community Reacts with Surprise and Skepticism
The dramatic turnaround sparked reactions from prominent figures in the crypto sphere. Singaporean exchange Bitrue highlighted XRP’s impressive surge and queried the community: “Is it time for XRP to shine?”
However, the response was mixed. While some believe XRP’s bullish era has arrived, others remain unconvinced. Some users expressed indifference, fearing XRP’s price will inevitably “dump like usual.” This scepticism is fueled by the token’s inability to sustain the $0.7 level, dropping back to $0.68 within a day.
Nope can't even stay above 0.7 for a day unbelievable
— KRN_CRYPTO (@Krn_David) March 12, 2024
Analysts Divided on XRP’s Future
Despite the recent pullback, some analysts maintain optimism for XRP’s long-term prospects. Popular crypto podcast host, Tony Edward, exemplifies this sentiment. He recently initiated a new XRP trade at $0.55 and expressed confidence in the token’s potential, setting a short-term profit target of $1.35. Edward believes “XRP’s turn is coming,” acknowledging its history of lagging behind other tokens.
Read Also: Terra Classic (LUNC) Gains Momentum with WEEX Listing, Eyes Dominance in Bull Run
Trading Activity Surges
Despite the mixed outlook, XRP’s trading activity boomed during the surge. At the time of writing, XRP trades at $0.6951 with a daily trading volume exceeding $7.5 billion, a significant 255% increase.
XRP’s future trajectory remains uncertain. While the recent surge rekindled hope for some, its sustainability is yet to be seen. Only time will tell if XRP can finally capitalize on the ongoing crypto bull market.
Follow us on Twitter, Facebook, Telegram, and Google News.
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
