- An analyst noted that the Ripple (XRP) price has the potential to rise in 2024 as gold did in its early days
- The other analyst agreed that XRP may benefit from the deployment of trillions of dollars
- XRP may continue consolidating around $0.64 but this does not affect its potential
Rafi Farber, a crypto analyst, appeared on the Will Fix YouTube channel, noting that the Ripple (XRP) price has the potential to rise in 2024 as gold did in its early days. Farber mentioned that the projected amount available for bonds and treasury investments in the year may be up to $5 trillion.
However, Farber noted that the money would most likely not flow into the said traditional investments. Instead, he said that the liquidity would flow into other markets, and XRP may be one of the top beneficiaries.
Will Fix also agreed with Farber’s opinion. In his case, Farber mentioned that countries like China and Saudi Arabia are already cashing in on their bonds and treasuries and also monitoring other markets, including crypto.
While the traders did not mention exactly why XRP was their top choice, it could be linked to Ripple’s expansion away from the United States. Over the last few years, Ripple’s troubles with the U.S. SEC have made the firm look at other nations. Countries like Singapore and UAE have welcomed Ripple to operate in their countries. As a result, XRP has been gaining a lot of traction in Asia.
A look at CoinCarp’s data showed that the South Korean exchange Upbit had more XRP trades than the more popular Binance. This data was a confirmation of the growing presence of the token outside the shores of the U.S.
XRP Price Action
At press time, XRP changed hands at $0.64. According to CoinMarketCap, the value represents a 30.79% increase in the last 30 days.
However, the technical outlook of the XRP price showed that the token had lost its previously glaring bullish momentum. This inference was taken from the Moving Average Convergence Divergence (MACD).
As of this writing, the MACD was 0.0013. But also, there has been a slight uptick in the indicator value. If the MACD holds it down in the positive region, the XRP may be on its way back to $0.70.
At the same time, the Chaikin Money Flow (CMF) was down to -0.22. A negative value of the CMF is a sign of selling pressure. So, it might be challenging for the XRP price to quickly head back in the $0.70 direction.
As it stands, the token may continue hovering around $0.63, $0.64, or $0.65 unless buying pressure takes over. However, the current trend does not invalidate the bullish prospects that XRP has. If a lot of liquidity is allocated to the token next year, then the price growth may be one to look out for.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.