The trading volume of the fifth largest cryptocurrency by market capitalization – XRP – has spiked by over 90% in the past 24 hours, whereas other indicators, such as the asset’s futures long/short ratio, have also headed north.
Those are considered bullish factors, indicating that traders believe the coin’s price could soon start rallying.
The cryptocurrency market has shown signs of serious revival lately, with the prices of most assets spiking to weekly highs. Such is the case with Ripple’s native token – XRP – which surpassed the $0.50 level, reaching a 10-day peak.
According to CoinGlass, its trading volume (the total number of units exchanged between buyers and sellers over a particular period) has also surged considerably, being up more than 90% in the past 24 hours. Specifically, traders exchanged approximately 1.7 billion XRP tokens during that time, equaling roughly $876 million.
It is also worth observing the numbers charted on Binance (the largest market at present for the coin). CoinGlass estimated that the XRP/USDT Long/Short Ratio has increased to 2.83 on the world’s largest cryptocurrency exchange.
The rise of the metric indicates that there are more long positions than short ones, which suggests a bullish sentiment among traders.
Several analysts and experts have recently envisioned a bright future for XRP, predicting its price could skyrocket to a new all-time high in less than five years. One such person is Shannon Thorp, who thinks that the coin might blast above $500 by 2027.
Still, this forecast sounds preposterous, to say the least, considering the fact that XRP’s market valuation should climb to $260 trillion for this to happen. In comparison, the entire market cap of the cryptocurrency industry was around $3 trillion during the latest bull run in 2021.
The X user, going by the name EGRAG CRYPTO, gave a more modest prediction, according to which Ripple’s token could tap “$2.8 and $5.5, maybe even stretching up to $6-7.”
Last but not least, ChatGPT said XRP will hit its all-time high of $3.40 (per CoinGecko) once there is a calming regulatory environment, favorable market sentiment, surging adoption rates, technological advancements, and overall crypto market health. However, the AI-based chatbot did not provide an exact timeline for that to happen.
Those who wish to take a look at how XRP could perform throughout the next bull run can check out our recent video on the matter: