The cryptocurrency market is keeping investors on their toes with its dynamic price movements and unpredictable trends. Among the various digital assets in the spotlight, XRP, the native token of the XRP Ledger (XRPL), has recently gained significant attention.
Renowned crypto analyst, Austin Hilton, has released a video that has sparked renewed hope among investors, suggesting that XRP could soon experience a remarkable surge in price.
In the video, Hilton identifies the potential approval of Spot Bitcoin Exchange-Traded Funds (ETFs) as a key catalyst for the expected price surge of XRP.
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According to Bloomberg analysts, there is a 90% chance of this approval occurring by January 10th, 2024. Hilton believes that such an event will inject positive sentiment into the broader crypto market, leading to an increased demand for Bitcoin and other major cryptocurrencies.
Consequently, this positive momentum is expected to spill over onto XRP, potentially propelling its price well beyond its current prices.
Hilton goes as far as predicting a surge beyond $1.50, which aligns with another analyst’s projection for XRP to reach this level by March 2024. While Hilton acknowledges that the approval of Spot Bitcoin ETFs does not directly impact XRP, he argues that XRP, being a major blue-chip crypto asset, is likely to benefit from the overall market rally triggered by this event.
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Bitcoin Halving and XRP’s Potential Price Surge
In addition to the Spot Bitcoin ETF approval, Hilton points out another crucial driver for XRP’s potential price rise: the upcoming Bitcoin Halving, scheduled for April 2024. This event occurs every four years and results in the reduction of the reward for mining Bitcoin, leading to a decrease in its circulating supply.
Historical data indicates that this reduced supply, combined with sustained demand, has historically translated into significant price increases for Bitcoin. Hilton contends that the positive sentiment surrounding the Bitcoin Halving will also have a positive impact on XRP, further propelling its price uptrend.
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On-chain Metrics and Bullish Outlook for XRP
Beyond external catalysts, Hilton examines on-chain metrics to provide further evidence for a bullish outlook on XRP. He highlights a significant increase in daily transactions and wallet addresses on the XRP Ledger, indicating growing adoption and institutional interest.
This positive on-chain activity strengthens the case for a bullish outlook on XRP and reinforces the notion that the current price represents a potential buying opportunity.
Hilton also believes that XRP is currently undervalued, considering its immense growth potential. He encourages investors to seize this opportunity and acquire XRP at attractive levels, positioning themselves to reap the benefits of the anticipated price surge.
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