The XRP price has bounced back after losing momentum last week. Ripple rose for three consecutive days to trade at $2.6, up by 20% from its lowest level last week. It is slowly nearing its year-to-date high of $2.90.
Crypto expert sees XRP price soaring to $48
Ripple has been one of the best-performing cryptocurrencies in the past few weeks, as it jumped by almost 500%. This rally has pushed its market cap to over $149 billion, making it the third-biggest cryptocurrency.
Ripple’s rally has left it severely overbought as the Relative Strength Index (RSI) and the Stochastic Oscillator have risen. As a result, some investors have likely started to harvest their profits.
In an X post, Ali Martinez, a popular crypto pundit, predicted that the coin looked undervalued and had more upside. He believes the coin is coming out of a massive multi-year symmetrical triangle pattern, meaning it has more upside ahead.
Martinez expects the coin to rise to $8.40, up 223% from its current level. His most optimistic view is that the Ripple price will jump to $48 in the long term. If that happens, it means that the coin will surge 1,746% from its current level.
While these are huge numbers, Ripple has a long history of doing well, meaning that they are achievable, depending on some factors and the overall performance of the crypto market. Just recently, it rallied by almost 500% in November this year.
Potential Ripple Price Catalysts
Several catalysts could push the XRP price higher in the longer term. First, Ripple Labs is committed to launching RLUSD stablecoin later this year, a move that could attract more attention from investors. RLUSD will be a stablecoin intended to work alongside XRP in the financial services industry.
The stablecoin, however, faces substantial challenges ahead, including competing with Tether, which is in a pole position. Other stablecoins like USD Coin and PayPal USD have struggled to gain market share against USDT, which has a market cap of over $130 billion.
Second, there are rising odds that the Securities and Exchange Commission (SEC) will end its legal cases against Ripple. If this happens, there are hopes that it will approve one or more spot XRP ETFs as soon as 2025.
Further, the end of its legal woes could lead to the company inking more deals and eventually going public. Ripple Labs’ management has always insisted that the goal will be to take the company public, probably in the United States.
Most importantly, the crypto fear and greed index has moved to the extreme greed area while the altcoin season index has risen. XRP and other momentum cryptocurrencies do well when greed and FOMO are in the market.
