Although Bitcoin has outperformed XRP in 2023, there is the chance that XRP could follow in Bitcoinโs footsteps for a December bull run.
Bitcoin has had a relatively good year, returning more than 144% to investors since January. The king coin has also climbed nearly 14% in the past month and about 10% since December 1st. Currently trading above $42,000 according to CoinMarketCap data, Bitcoin has gained almost 2% in the last 24 hours and seems to be on track to end the year impressively. The increase in Bitcoinโs price begs the question of whether or not altcoins like XRP will follow suit.
XRPโs price trajectory has been relatively healthy, especially since Ripple partiallyย wonย its court case against the United States Securities and Exchange (SEC) Commission. Afterย Rippleโs win in July, XRP climbed more than 70% within 24 hours, hitting $0.7938. Although Bitcoin has outperformed XRP, the worldโs fifth-largest cryptocurrency has also posted healthy figures. Since December 1st XRP has grown by more than 5%. It has also climbed by over 21% in the last 3 months and more than 78% since January. The XRP price today is $0.6.
Factors in Favor of an XRP Bull Run Like Bitcoin
There are several factors that can be considered bullish for XRPโs chances. On a much broader level, there is the outcome of the upcoming Federal Open Market Committee (FOMC) deciding whether or not to hike interest rates. While most observers believe the Federal Reserve will likely leave rates unchanged, nothing is sure until then. The FOMCโs possible decision to increase rates at the December 13th meeting, could significantly affect the ongoing crypto rally, possibly ending it.
In addition to the Fedโs decision on interest rates, there are other factors specific to Ripple and XRP. Ripple has successfully inked a few partnerships with major clients looking to use the blockchain companyโs technology for various purposes. In early November, the price of XRPย jumpedย 10% in response to new Ripple partnerships. For instance, the Dubai Financial Services Authority (DFSA) announced that it added XRP to a list of approved assets for the Dubai International Financial Center. The list already included Litecoin (LTC), Ether (ETH), and Bitcoin (BTC).
Ripple also announced an official partnership with the National Bank of Georgia (NBG), becoming the bankโs official partner for its Central Bank Digital Currency (CBDC) pilot project. The bank hopes to use Rippleโs โtechnical excellence and expertiseโ to build its Digital Lari (GEL) project. These partnerships, in addition to any more that Ripple successfully achieves, are potentially bullish situations for XRP.
The ongoing sentiment may be triggering XRP accumulation as the Ripple and SEC case progresses. For instance, an unknown whale recently transferred 24.2 million XRP, about $14 million from an unknown wallet to the Bitstamp exchange. Interestingly, the total gas fee for the transaction was only 0.000015 XRP.
Whatโs Next for XRP?
In other bullish XRP news, a recent forecast from crypto analyst Egrag Crypto has predicted XRP could hit $27.
#XRP The Train ๐Next Stops: $1.3-$3-$5.8-$27:
๐ Macro View:
Reviving echoes from the 2017 surge, aiming for $27 feels like a plausible target. The markers at $3 and $5.8 stand as critical milestones, yet pushing to $6-$7 might come with some turbulence. These ambitious goalsโฆ https://t.co/Aojv3sYmtG pic.twitter.com/c0RSHhlFnAโ EGRAG CRYPTO (@egragcrypto) November 27, 2023
In an Xย post, the analyst predicted that the next major stops for XRP are $1.3, $3, $5.8, and $27. The optimistic post describes $3 and $5.8 as โcritical milestones,โ also noting that XRP would experience โsome turbulenceโ around $6 and $7.
