Analyst Say XRP Could Reach $1.98 Following Increased Transactions

Armando Pantoja forecasts a rebound for XRP to $1.98, citing a surge in transaction volumes as a key indicator.

Armando Pantoja has forecasted a rebound for XRP, with price predictions reaching as high as $1.98, in a post to his 11.3K X followers. This projection is based on a recent surge in network transactions, highlighting a robust correlation between transaction volumes and price movements per Santiment data.

🚨BREAKING: $XRP Price Forecast; $1.98 Rebound Looms as Network Transactions Surge by 120,000 pic.twitter.com/xxwBzhbd6w

— Armando Pantoja (@_TallGuyTycoon) May 12, 2024

Over the past week, XRP has demonstrated volatility with price fluctuations between $0.46 and $0.52. The transaction counts also reflected substantial activity, ranging from 240,000 to over 350,000 daily. A sharp increase in transactions was recorded on May 1, coinciding with a peak in the price at approximately $0.52. This trend suggests that transaction volume may play a crucial role in influencing XRP’s price.

A notable rise in daily transaction counts also reflects an expanding adoption and usage of the blockchain network, suggesting heightened engagement by users and entities.

Starting on April 29, XRP’s price was at about $0.501. The price was followed by a slight recovery and a continued surge henceforth, reaching $0.52 by May 10.

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On the other hand, the transaction count initially dipped below 240,000 on April 30 but surged to approximately 280,000 on May 1. After this peak, the transaction volume showed a general decline, although it peaked at 352,000 by May 10. This pattern of sharp rises and falls indicates a market responsive to both internal network dynamics and external market pressures.

During this coverage, XRP is bullish, changing hands at $0.5052. Technical indicators such as the Relative Strength Index and Simple Moving Average show sideways movement but room for future price movements.

Broader Market Context

Other analysts, such as U-copy, have echoed similar sentiments regarding XRP’s potential, citing a seven-year accumulation and a symmetrical triangle formation that might lead to significant price movements in 2024.

Moreover, the recent 12% price dip following the SEC’s $2 billion legal contention against Ripple has been a critical factor in XRP’s price movements. Despite this, the underlying bullish indicators from early May suggest resilience in XRP’s market fundamentals.

Ripple’s influence in the payment solutions sector is further evidenced by its partnership with Tranglo, which uses XRP in all its real-time transactions. This utilization shows XRP’s functional value beyond speculative trading, potentially stabilizing its price in the long term.