Suffice it to say, the past week didn’t go well for the cryptocurrency markets, and Ripple’s cross-border token was no exception. The asset, which had soared to $1.66 less than a month ago, suffered another major leg down, pushing it to $1.25 for the first time since September 16.
The overall reaction to the weekend price dip to $1.25 was quite bullish, according to data shared by popular analyst Ali Martinez, who determined that the asset’s bottom is in, as the XRP Ledger volume skyrocketed.
Is It Really In (The Bottom, I Mean)?
The rollercoaster ride that swept crypto markets over the past several weeks led to a substantial decline, perhaps due to rising inflation in the US, declines in other markets, or growing economic and macro uncertainty. XRP is typically one of the most volatile tokens in such an environment, and the past week proved that narrative right.
The good news for the Ripple bulls came from the activity on the XRP Ledger. Citing data from Santiment, Martinez shared a chart showcasing the massive explosion in transaction volume on the network, going to almost $50 billion – a significant rise from the sub-$1 billion numbers seen in the days prior.
According to Martinez, this massive uptick in on-chain activity around such a key support level suggests that “$1.25 could mark the bottom.” If that’s indeed the case, the analyst predicted that XRP could resume its August/September rally and aim toward $2.00.
Maybe Further Beyond?
Vincent Van Code was significantly more bullish on XRP (and other assets). He believes the events from the past week or so were a wider crypto shakeout designed to remove the weak hands.
“Longs destroyed, shorts opened, and now those shorts destroyed. Those forced to sell and liquidate at a discount, with grabs of major utility tokens, not to mention Bitcoin and ETH. I feel the next few weeks we are going to see ATHs smashed across the board with a long low gradient bull run ahead of us.”
Meanwhile, staying true to his bullish nature on XRP, EGRAG CRYPTO provided another scenario under which the token could skyrocket to well above its 2025 all-time high of $3.65. After the weekend post, he now outlined a cycle top of somewhere between $7 and $9 for the cross-border token.
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