According to analysts, XRP price could rise over 1,200% to $6.29 if it breaks key resistance

The cryptocurrency space is a financial area characterized by volatility, and recently the XRP Ledger’s native token, $XRP, has been gaining attention amid a broader cryptocurrency market rally, with one analyst predicting that the price of XRP will rise to 6.29 in the future US dollar could rise.

In a post on the microblogging platform in April 2021, paving the way to $6.29 per token.

#xrp If we see #xrp breaking the red line as resistance, it may increase the probability of breaking the April 2021 high, resulting in a price of $1.618 and $6.29.

Keep an eye on the month-end closing. Since his breakthrough in March of this year, he is at .236. pic.twitter.com/oyQdvyBhK9

— CoinsKid (@Coins_Kid) September 13, 2023

The analyst’s reference to the “red line” alludes to a key resistance point on his chart that, if XRP can break through, could set the stage for a possible price rise. However, to reach the $6.29 price level, XRP would first need to rise towards $1, as the current price per token is $0.483.

In a separate post, the analyst analyzed XRP’s monthly chart and concluded that it “may be preparing for a run to the red line,” meaning it could be close to testing its resistance for a possible breakout .

Institutional investors in particular have been betting on XRP, with investment products focused on the token seeing inflows of $700,000 last week, while cryptocurrency investment products as a whole saw outflows of $59 million over the same period were recorded.

The rising interest in the cryptocurrency began after a ruling by Judge Analisa Torres in the US Securities and Exchange Commission (SEC) case against

The ruling led a number of cryptocurrency exchanges, including Coinbase, Kraken and Gemini, to relist the token, significantly increasing its liquidity.

The XRP Ledger’s transaction throughput could soon increase from around 1,500 transactions per second to an impressive 3,400 transactions per second (TPS), supported by upgrades set to roll out soon.

As CryptoGlobe reported, XRP token holders could soon be able to earn on-chain income following the introduction of the highly anticipated XLS-30d amendment, which brings an integrated automated market maker (AMM) trading platform onto the blockchain should introduce general ledger.

An AMM is a platform that enables permissionless trading of cryptocurrencies using liquidity pools instead of traditional order books. Liquidity pools are shared pools of two or more user-supplied tokens used for trades. The prices of tokens within the pool are determined using blockchain oracles.

Investors who add tokens to liquidity pools receive a share of the fees charged on each trade, but the earnings come with the risk of temporary loss.

Featured image via Unsplash.

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