The cryptocurrency space is on the cusp of a major transformation, with Ripple’s XRP token poised to dominate the upcoming altcoin season. Driven by a list of factors, the XRP price is gearing up to exhibit a major bull run, with a staggering surge of about 261%.
Increasing ETF approval odds, imminent altcoin season, and innovative cloud mining contracts are among the top catalysts for the XRP price surge.
XRP Price Targets 261% Uptick
Ripple’s native token, XRP, is preparing for a massive rally, with analysts predicting its potential to outperform other altcoins and even the pioneer cryptocurrency, Bitcoin, during the upcoming altcoin season.
At present, the token is exhibiting signs of a major uptrend, trailing over a positive track. XRP, currently priced at $2.97, has rebounded from the recent market crash. Recently, the Ripple token, after hitting an all-time high of $3.5, plunged to a low of $2.7. sparking caution and anxiety within the community.
However, the coin managed to bounce back, now reaching a weekly high of $2.97, up by 8%. Over the past day, the token rose by nearly 5% but slipped by more than 10% in a month.
It is noteworthy that the increasing positive momentum is reflecting on the traders’ sentiment as the 24-hour volume has grown by a notable 216% to hit $6.24 billion. With a market cap of $177.33 billion, XRP stands firm at its 3rd spot on CoinMarketCap.
This current performance and major developments signal the cryptocurrency’s potential to sustain its bullish trend. Analysts like Dark Defender predict that the Ripple coin is preparing for an explosive growth to a new all-time high of $6, marking a massive 261.80% hike.
According to his analysis, XRP is now hovering around its critical resistance level of $2.89. As the token has successfully breached this level, its next target is $3.4, near its ATH, with a 70.20% increase. Breaking through this level, the crypto will reach its next target of $4.40, which will mark a new ATH with a 161.80% hike. And finally, sustaining its bullish momentum, XRP hit its ambitious target of $6.
Forces Behind XRP’s Growth
Significantly, several key factors are driving XRP to its potential hike of 261%. These catalysts are creating a perfect storm of growth, positioning it for an explosion. From increasing ETF odds to the onset of an altcoin season and innovative investment opportunities, these factors are fuelling the bullish sentiment.
ETF Odds
According to Polymarket, the odds for a Ripple ETF approval this year have surged to 93%, sparking widespread speculation and optimism. In addition, Bloomberg analyst James Seyffart predicted that altcoin ETFs for Solana, XRP, and Cardano are likely to receive the SEC’s approval first.
Also, Ripple CEO Brad Garlinghouse recently shared his belief that the XRP ETF will be approved by October. These predictions and the increasing odds have significantly contributed to the XRP price’s bullish outlook.
IOTA Miner Launches CloudMining Contracts
IOTA Miner has launched an upgraded mobile app, revolutionizing crypto mining with enhanced convenience, automation, and eco-friendliness. The app supports prominent cryptocurrencies like XRP, Bitcoin, and Solana. This empowers global users to generate passive income from idle assets. With this mobile-first approach, users can now easily mine digital assets on the go, streamlining the process and maximizing earnings potential.
Altcoin Season Ahead
In contrast to the general bearish sentiment in September, analysts like Carl Moon predict an impending altcoin season. Reportedly, this altseason is expected to be dominated by XRP. As the Bitcoin dominance continues to wane, experts believe that the Ripple token is poised to outperform BTC.
