Armando Pantoja, a crypto investor and influencer, recently stated on X that an imminent rebound is on the horizon for XRP, adding that the coin could soon hit $1.98.
The crypto influencer cited a spike in XRP network activity, underscoring the significant interplay between crypto assets price actions and transaction volumes.
Read Also: XRP to $1,000? Crypto Proponent Shares What Could Make it Happen
Correlation Between XRP’s Price Actions And Transaction Volumes
Based on basic knowledge of crypto transactions, a substantial increase in transaction volume invariably implies that more market participants are involved in the active buying process, culminating in an exponential price increment for the tokens involved.
For a sustainable price increment, the transaction volume must continue to rise. Price surges following a declining transaction volume indicate a drop in momentum, setting the stage for a price reversal.
Using Armando’s Shared Chart To Elucidate Further
According to XRP’s market statistics on CoinGecko, the coin is changing hands at approximately $0.51, having witnessed a mild price surge in the last 24 hours. In the past seven days, XRP has fluctuated between a minimum price of $0.49 and a maximum price of $0.54.
In the same vein, the coin’s sales counts have reflected a similar trend, with transaction volumes ranging between a daily low of about 225,000 transaction counts and a daily high of about 350,000 transaction counts, according to the displayed chart.
Per the shared chart, XRP’s price actions in the past few weeks mirrored a topsy-turvy pattern, reflecting the coin’s fluctuating transaction counts.
XRP traded below $0.5 on April 30, after which it appreciated to ascend to a price level above $0.51 on May 2. The price appreciation progressed gradually, reaching the $0.54 zenith price on May 6.
On the other hand, the transaction volume on the shared chart revealed a high transaction count of about 316,000 on April 30, after which it entered a gradual decline phase, lasting for more than a week, before it spontaneously surged to assume a transaction volume around the 350,000 region on May 10.
🚨BREAKING: $XRP Price Forecast; $1.98 Rebound Looms as Network Transactions Surge by 120,000 pic.twitter.com/xxwBzhbd6w
— Armando Pantoja (@_TallGuyTycoon) May 12, 2024
Read Also: A Realistic Look at the Possibility for Shiba Inu (SHIB) to Hit $0.01 in the Next Bull Run
Is $1.98 A Realistic Target?
Considering the analysis above based on the Santiment chart, it is safe to say that Pantoja might be making a reasonable prediction when he forecasted a $1.98 price target for XRP, citing a potential transaction count as a basis for the price surge.
Moreover, the price target is not up to XRP’s all-time high (ATH) of $3.4 recorded during the 2021 bull season. In addition, a recent analysis by renowned market watcher Dark Defender highlighted the possibility of XRP hitting $1.88, $5.85, and $18.22 in its highly anticipated third market cycle, corroborating Pantoja’s realistic $1.98 prediction.
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