Although Bitcoin has surpassed XRP, the world’s fifth-largest cryptocurrency has also posted healthy numbers. Since December 1, XRP has grown more than 5%. It is also up over 21% in the last 3 months and over 78% since January. The price of XRP today is $0.6.
Although Bitcoin surpassed XRP in 2023, there is a chance that XRP will follow in Bitcoin’s footsteps for a bull run in December. Bitcoin has had a relatively good year, returning more than 144% to investors since January. The king currency is also up almost 14% in the last month and around 10% since December 1.
Currently trading above $42,000 according to data from CoinMarketCap, Bitcoin has gained almost 2% in the last 24 hours and appears to be on track to finish the year impressively. The rise in Bitcoin price raises the question of whether altcoins like XRP will follow suit.
XRP’s price trajectory has been relatively healthy, especially since Ripple partially won its court case against the United States Securities and Exchange Commission (SEC). After Ripple’s victory in July, XRP rose more than 70% in 24 hours, reaching $0.7938.
Factors in Favor of an XRP Bull Run Like Bitcoin
There are several factors that can be considered bullish for XRP’s chances. On a much broader level, there is the outcome of the upcoming Federal Open Market Committee (FOMC) that will decide whether or not to raise interest rates.
While most observers believe the Federal Reserve will likely leave rates unchanged, nothing is certain until then. The FOMC’s possible decision to raise rates at the December 13 meeting could significantly impact the current cryptocurrency rally and possibly end it.
In addition to the Fed’s decision on interest rates, there are other factors specific to Ripple and XRP. Ripple has successfully signed some partnerships with major clients looking to use the blockchain company’s technology for various purposes.
In early November, the price of XRP rose 10% in response to new partnerships with Ripple. For example, the Dubai Financial Services Authority (DFSA) announced that it added XRP to a list of approved assets for the Dubai International Financial Centre. 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 bank’s official partner for its Central Bank Digital Currency (CBDC) pilot project. The bank hopes to use Ripple’s “technical excellence and expertise” to build its Digital Lari (GEL) project.
These partnerships, in addition to any others Ripple successfully achieves, are potentially bullish situations for XRP. The current sentiment may be causing XRP to accumulate as the Ripple and SEC case progresses. For example, an unknown whale recently transferred 24.2 million XRP, around $14 million from an unknown wallet to the Bitstamp exchange. Interestingly, the total gas fee for the transaction was only 0.000015 XRP.
What’s Next for XRP?
In other bullish XRP news, a recent forecast from crypto analyst Egrag Crypto predicted that XRP could reach $27.
In an X post, the analyst pointed out that “Since June lows and XRP has been chugging along the tracks, and guess what? The train has officially left the station and is on its way to Valhalla!”
Egrag Crypto has predicted that the next major stops for XRP are $1.3, $3, $5.8, and $27. The bullish post describes $3 and $5.8 as “critical milestones,” and also notes that XRP would experience “some turbulence” around $6 and $7.
By Audy Castaneda
