Although Bitcoin has outperformed XRP in 2023, there is the chance that XRP could follow in Bitcoin’s footsteps for a December bull run.
Bitcoin has had a relatively good year, returning more than 144% to investors since January. The king coin has also climbed nearly 14% in the past month and about 10% since December 1st. Currently trading above $42,000 according to CoinMarketCap data, Bitcoin has gained almost 2% in the last 24 hours and seems to be on track to end the year impressively. The increase in Bitcoin’s price begs the question of whether or not altcoins like XRP will follow suit.
XRP’s price trajectory has been relatively healthy, especially since Ripple partially won its court case against the United States Securities and Exchange (SEC) Commission. After Ripple’s win in July, XRP climbed more than 70% within 24 hours, hitting $0.7938. Although Bitcoin has outperformed XRP, the world’s fifth-largest cryptocurrency has also posted healthy figures. Since December 1st XRP has grown by more than 5%. It has also climbed by over 21% in the last 3 months and more than 78% since January. The XRP price today is $0.6.
Factors in Favor of an XRP Bull Run Like Bitcoin
There are several factors that can be considered bullish for XRP’s chances. On a much broader level, there is the outcome of the upcoming Federal Open Market Committee (FOMC) deciding whether or not to hike interest rates. While most observers believe the Federal Reserve will likely leave rates unchanged, nothing is sure until then. The FOMC’s possible decision to increase rates at the December 13th meeting, could significantly affect the ongoing crypto rally, possibly ending it.
In addition to the Fed’s decision on interest rates, there are other factors specific to Ripple and XRP. Ripple has successfully inked a few partnerships with major clients looking to use the blockchain company’s technology for various purposes. In early November, the price of XRP jumped 10% in response to new Ripple partnerships. For instance, the Dubai Financial Services Authority (DFSA) announced that it added XRP to a list of approved assets for the Dubai International Financial Center. The list already included Litecoin (LTC), Ether (ETH), and Bitcoin (BTC).
Ripple also announced an official partnership with the National Bank of Georgia (NBG), becoming the bank’s official partner for its Central Bank Digital Currency (CBDC) pilot project. The bank hopes to use Ripple’s “technical excellence and expertise” to build its Digital Lari (GEL) project. These partnerships, in addition to any more that Ripple successfully achieves, are potentially bullish situations for XRP.
The ongoing sentiment may be triggering XRP accumulation as the Ripple and SEC case progresses. For instance, an unknown whale recently transferred 24.2 million XRP, about $14 million from an unknown wallet to the Bitstamp exchange. Interestingly, the total gas fee for the transaction was only 0.000015 XRP.
What’s Next for XRP?
In other bullish XRP news, a recent forecast from crypto analyst Egrag Crypto has predicted XRP could hit $27.
#XRP The Train 🚂Next Stops: $1.3-$3-$5.8-$27:
🔍 Macro View:
Reviving echoes from the 2017 surge, aiming for $27 feels like a plausible target. The markers at $3 and $5.8 stand as critical milestones, yet pushing to $6-$7 might come with some turbulence. These ambitious goals… https://t.co/Aojv3sYmtG pic.twitter.com/c0RSHhlFnA— EGRAG CRYPTO (@egragcrypto) November 27, 2023
In an X post, the analyst predicted that the next major stops for XRP are $1.3, $3, $5.8, and $27. The optimistic post describes $3 and $5.8 as “critical milestones,” also noting that XRP would experience “some turbulence” around $6 and $7.
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