Crypto analyst Austin Hilton is the last to give his opinion on the future trajectory of the XRP price in the future. Specifically, Hilton noted two events that will “dramatically” increase the price of XRP. The analyst also outlined other metrics that present bullish sentiment for the XRP ecosystem.
Major events that will cause the XRP price to rise
In a video shared on his YouTube channel, Hilton selected the approval of Spot Bitcoin ETFs and the upcoming Bitcoin halving as the two events that will cause the price of XRP to rise “dramatically”. He said the XRP price could rise above $1.50 if the SEC approves these funds.
Bloomberg analysts James Seyffart and Eric Balchunas currently predicting that there is a 90% chance that a Spot BTC ETF will be approved by January 10th. While he had reservations, he seemed optimistic that the SEC would approve these funds quickly as the Commission “has no more reasons to say no.” .”
Once that happens, he expects his price prediction of $1.50 or more to come true. He referred to an article in which another analyst predicted that XRP would reach this price level in March. However, he believes this could happen in January or February depending on how things go.
Hilton was quick to point out that these events (BTC Spot ETF & Bitcoin Halving) are not particularly related to XRP. However, he stated that XRP, as a blue chip, will rise as the overall market rises. So far, major altcoins have benefited from this Bitcoin’s metric rise on the back of one possible Spot BTC ETF approval. As such, that could explain Hilton’s position on the rise of XRP.
XRP bulls struggle to retain control | Source: XRPUSD on Tradingview.com
On-Chain metrics suggest bullish sentiments for XRP
The analyst also noted that on-chain metrics suggest a bullish outlook for the XRP ecosystem. These statistics include the number of daily transactions and wallet addresses on the XRP ledger. According to him, this suggests that there is a “reasonable amount” of liquidity flowing into the ecosystem.
Indeed, the XRP Ledger continues to do so record important milestones in terms of transactions processed on the network. Facts BitInfoCharts also shows that XRP is competing with Bitcoin and Ethereum in terms of daily transactions.
Despite the relatively tepid XRP price movement, Hilton sounded optimistic about the crypto token, saying current price levels are a “bargain” given the heights XRP will reach.
At the time of writing, the XRP price is trading around $0.60, down more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from TechnoPixel, chart from Tradingview.com
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