Crypto analyst Austin Hilton is the latest to provide his opinion on the longer term trajectory of the XRP price going forward. Specifically, Hilton famous two occasions that may spur XRP’s value to go up “dramatically.” The analyst additionally outlined different metrics that current a bullish sentiment for the XRP ecosystem.
Major Events That Will Cause XRP Price To Rise
In a video shared on his YouTube Channel, Hilton singled out the approval of Spot Bitcoin ETFs and the upcoming Bitcoin Halving as the 2 occasions that may trigger XRP’s value to go up “dramatically.” He talked about that the XRP value may rise to over $1.50 when the SEC approves these funds.
Bloomberg analysts James Seyffart and Eric Balchunas currently predict that there’s a 90% likelihood {that a} Spot BTC ETF will get permitted by January 10. Although he had his reservations about that, he appeared optimistic that the SEC would approve these funds quickly because the Commission is “running out of reasons to say no.”
Once that occurs, he expects his value prediction of $1.50 or over to materialize. He had referred to an article the place one other analyst predicted that XRP would hit this value degree in March. However, he believes that it may occur in January or February, relying on how issues go.
Hilton was fast to level out the truth that these occasions (BTC Spot ETF & Bitcoin Halving) don’t precisely relate to XRP. However, he said that XRP, being a blue chip, will transfer up when the general market strikes up. Major altcoins have to this point been beneficiaries of Bitcoin’s metric rise on the again of a possible Spot BTC ETF approval. As such, that might clarify Hilton’s place on XRP’s rise.
XRP bulls battle to retain management | Source: XRPUSD on Tradingview.com
On-Chain Metrics Suggest Bullish Sentiments For XRP
The analyst additionally famous that on-chain metrics recommend a bullish outlook for the XRP ecosystem. These metrics embody the number of daily transactions and pockets addresses on the XRP Ledger. According to him, this implies that there’s a “fair amount” of liquidity flowing into the ecosystem.
The XRP Ledger certainly continues to record significant milestones when it comes to transactions processed on the community. Data from BitInfoCharts additionally reveals that XRP has been going head-to-head with Bitcoin and Ethereum when it comes to day by day transactions.
Despite the XRP value’s comparatively tepid motion, Hilton sounded bullish on the crypto token as he talked about that present value ranges are a “steal” contemplating the heights that XRP will attain.
At the time of writing, the XRP value is buying and selling at round $0.60, down over 2% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture from TechnoPixel, chart from Tradingview.com
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