XRP Set for Next Big Surge, Says Analyst Oscar Ramos
Table of contents
Consolidation: A Temporary Phase?
Market commentator Oscar Ramos believes XRP’s current consolidation is a temporary phase, presenting an opportunity for accumulation. Ramos noted that subdued holiday trading activity allows buyers to acquire XRP at lower levels before a potential breakout. He suggested that XRP holders need just one major catalyst to ignite the token’s next upward move.
What Could Trigger XRP’s Next Rally?
Ramos identified several potential catalysts that could propel XRP’s price higher.
Growing interest in institutional crypto investments, such as MicroStrategy’s recent $561 million Bitcoin purchase, could boost the market and draw attention to XRP.
Ramos highlighted that companies like Bitwise and 21Shares have filed for XRP ETFs. He also speculated that BlackRock might explore this avenue, potentially driving institutional and retail demand.
The introduction of RLUSD, Ripple’s stablecoin, enhances XRP’s utility and adoption. As RLUSD gains traction, it could attract more investors to the ecosystem.
Market Outlook for XRP
Ramos remains optimistic about XRP’s future, citing a potential increase in the global crypto market cap from $3 trillion to $4 trillion. This growth would likely push XRP past its all-time high of $3.31 from early 2018. Currently trading at $2.30, XRP is down 7.8% over the past week but up 18% in December, signaling potential momentum heading into 2024.