- Ripple CTO David Schwartz sparked speculation among XRP followers with a tweet talking about “10x times”
- Analysts have identified $2.20 as the critical level for XRP and warned of possible declines if support is not maintained.
In a recent tweet, David Schwartz, Chief Technology Officer (CTO) of Ripple, sparked discussions among XRP followers. The message was posted shortly after the XRP token saw its price increase by 13% over the weekend and the use of the phrase “10 times”.
Schwartz https://twitter.com/JoelKatz/status/1871004195995951574 showing a product labeled “Pre-Mix Bubble Solution” and boasting of having “10x more bubbles”. The grammatical redundancy of the label caught the attention of the XRP community. Most people saw this tweet as a potential signal of what is to come for XRP.
The term “10x” has been the subject of heated discussion among XRP holders. Some suggested the tweet could mean the token would be worth $10, while others saw it as an open remark. The timing of the tweet also corresponded with a movement in the price of XRP, which only added to the speculation.
Ripple Executes Large XRP Transfers
Over the weekend, Ripple made two large XRP transactions, worth a total of 90 million tokens. Blockchain tracker Whale Alert recorded transactions worth around $200 million.
The first transfer was 50 million XRP for $111.7 million, while the second transfer was 40 million XRP for $89.7 million. Both transactions took place within the same minute. However, the recipients of these transfers have not been revealed.
Whale Alert also noted multiple other large XRP transactions, including an XRP transaction of 182 million tokens valued at $411 million in fiat currency. These movements show that the XRP network is very active, especially among traders and investors in the market.
Key Price Levels and Market Forecasts
Crypto analyst Ali Martinez highlighted that $2.20 is a critical level for XRP. Martinez noted that the token could find support at this level before trying to break through the $2.70 barrier. However, it is possible to fall to $1.96 if this level is not maintained.
The XRP token has been the most exciting, as it has gained over 250% in the last three months alone. EGRAG, a well-known trader in the crypto sphere, published an analysis of the situation which could lead to a surge in the price up to $8. According to the CEO of Ripple, the forecast is based on the total capitalization of the cryptocurrency market reaching $5,000 billion.
Currently, XRP has a market capitalization of $126 billion and represents 2% of the $3.36 trillion cryptocurrency market. According to EGRAG XRP, it could regain its previous market dominance of 10% based on price predictions for 2017 and 2021.
The recent US elections have spurred Ripple’s legal fight against the SEC. Analysts say the controversy may end when new SEC Chairman Paul Atkins takes office. Such a resolution may be a turning point for XRP and the cryptocurrency market.
Since Donald Trump’s victory in the last election, the price of XRP has increased by 300%. Asset managers who have applied for XRP ETFs include Bitwise, 21Shares and WisdomTree, showing growing interest. A positive ruling from the court would be helpful in boosting market confidence and further development of XRP.
