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XRP Analyst Hints at Incoming Shocking Price Rally as Market Crosses $2.4T Cap

XRP Analyst Hints at Incoming Shocking Price Rally as Market Crosses $2.4T Cap

CoineditionCoinedition2024/03/05 16:01
By:Abdulkarim Abdulwahab
  • XRP has recorded a 6% rally to a high of $0.6681 over the past 24 hours.
  • An analyst hinted that XRP could see an astonishing surge in the next few days.
  • The analyst cited historical trends, with the crypto market cap surpassing $2.4 trillion.

A prominent analyst in the XRP community , Blockchain Backer, has hinted that XRP could be seeing a shocking price rally in the next few days, mirroring historical trends. XRP has barely been a notable performer in the unfolding bull market, recording lower gains in the past seven days than its rivals.

Total market cap of entire crypto market poking through .702. 👀

We saw a lot of altcoin movement with this when it happened in 2020.

For example, in 2020, XRP went from $0.30 to $0.79 in the following 3-days. pic.twitter.com/zOfTtFwQdX

— Blockchain Backer (@BCBacker) March 4, 2024

Over the past 24 hours, XRP reached $0.6681 from a low of $0.6299, marking a 6% gain. However, this 6% gain has been eroded as the asset counters bearish resistance, bringing its price to around $0.64. 

Amid this trend, pro-XRP YouTuber Blockchain Backer drew parallels with the current crypto market trends and those observed during the previous bull cycle to suggest XRP could become a notable performer soon.

In a recent post on X, Blockchain Backer pointed out that the entire crypto market cap was exceeding a $2.3 trillion valuation. He noted that many altcoins engineered bullish rallies when the crypto market encountered such a valuation in 2020. 

He illustrated this point by highlighting XRP’s remarkable increase during that time. Specifically, Blockchain Backer noted that XRP surged from $0.3 to $0.79 within three days during that period, representing an explosive 163% growth.

Blockchain Backer’s post affirms the widely forecasted incoming altcoin market season, wherein top contenders like XRP are poised for significant impact. Essentially, the YouTuber’s observation suggests XRP holders may witness a comparable gain in the next few days should history repeat itself. 

At press time, CoinMarketCap data shows that the crypto market has recorded an additional 3.94% gain in the last 24 hours, putting its valuation at over $2.49 trillion. While Bitcoin commands over $1.32 trillion of this market cap, pundits have argued that the altcoin market cap could reach $3.2 trillion this season.

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.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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