#cryptonews
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.
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.
This past week saw XRP Ledger reach the milestone of having burned 13 million XRP, worth around $8.7 million in today’s prices.
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.
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.
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.
Regardless of what Ripple itself does in the coming 12 months, XRP is likely to ride an increasingly bullish market.