A prominent crypto analyst has outlined price points XRP investors can expect in the early parts of the coming year.
In a recent YouTube video, crypto analyst Austin Hilton shared insights into the outlook of XRP. He argued for a potential dramatic surge in its price despite the ongoing market correction.
Hilton quoted data from other prominent analysts and pointed to on-chain metrics that indicate favorable conditions for XRP, making it an attractive investment opportunity. Emphatically, he expressed that XRP’s price of around $0.6 is a “steal” for savvy investors.
XRP to $1.50 by Early 2024
In the XRP analysis, Hilton quoted a bullish price prediction suggesting a forecasted rise to $1.40 by March 2024. The foundation of this prediction was the potential occurrence of a Golden Cross event. This is a technical analysis pattern that often signals a solid upward trend.
On the other hand, Hilton expressed confidence that XRP could experience a more rapid ascent than the projected value. He rested his stronger bullish sentiment on a couple of critical catalysts.
One major factor Hilton stressed was the timeline for approval of a Bitcoin spot exchange-traded fund (ETF). He cited Bloomberg analysts suggesting a possible greenlight by January 10.
While cautious about the specific date, Hilton believes that Bitcoin ETF approvals could happen in January-February. He emphasized the trend where the U.S. SEC, previously unyielding about authorizing ETFs, is running out of grounds to say no.
Notably, the Bitcoin ETF sentiment is that it unleashes a floodgate of capital into the crypto market, with blue chip projects like XRP benefiting from it. Moreover, the YouTuber pointed to the upcoming Bitcoin halving as an additional factor that could positively impact XRP.
Despite these events being outside the direct scope of XRP, Hilton noted the digital asset will experience upward movement as the overall market sentiment improves.
Regarding on-chain data, he cited some positive statistics indicating that 1.5 million XRP transactions occur daily and that there is a rise in the number of wallets.
As a result, Hilton suggested that XRP could reach $1.50 or more by the end of the first quarter of 2024.
