Despite ongoing legal troubles, blockchain firm Ripple recorded impressive growth in the first quarter of 2024, hitting several milestones.
According to the results report released by Ripple on May 17, XRP spot volumes surged 40% from Q4 2023 to reach $865 million in Q1 2024. Daily average XRP derivatives open interest also increased, rising to $500 million from $460 million in Q4 2023.
On-chain transactions grew by 108%, climbing to 251,397,881 from 121,031,713 recorded the previous quarter. Additionally, XRP burned for transaction fees rose by 101%, from 317,271 in Q4 2023 to 636,184 in the first quarter of 2024.
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These results potentially highlight the strength of Ripple’s underlying business despite the company’s legal battle with the Securities and Exchange Commission (SEC). These positive metrics are likely to influence XRP’s valuation, potentially impacting its price trajectory.
Currently, XRP is holding the $0.50 support zone, largely remaining in a consolidation zone below $0.60. Investors are keenly watching for catalysts that could help the token rally to the coveted $1 mark.
XRP price prediction
In examining the XRP price prediction, Finbold consulted the CoinCodex tool, which uses AI-powered machine-learning algorithms for price projection.
According to data retrieved on May 18, the tool projected that XRP is likely to experience bullish momentum and trade at $0.66 by May 31, representing an upside of over 26% from XRP’s current price.
Meanwhile, crypto analyst Egrag Crypto noted in a May 18 X post that XRP is poised for sustained bullish momentum in the coming days. According to the analyst, XRP is facing the “final wake-up line,” which saw the token break out in July 2023 but failed to reach the anticipated heights.
The trading expert highlighted a new development: a white triangle pattern incorporating highs from 2021, introducing the “genuine wake-up line.” Consequently, the expert predicted a breakout around $1.50, with a more ambitious target of $7.50.
XRP Price Analysis
In the short term, XRP is experiencing bearish sentiments, having corrected by almost 1% in the last 24 hours to trade at $0.52 at press time. However, on the weekly chart, XRP is up 3%.
Overall, XRP can sustain the bullish projection if it holds above the $0.50 support zone.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
