The price of the native token of the XRP Ledger, $XRP, could surpass its current all-time high set back in 2018 above the $3 mark ahead of Bitcoin’s upcoming halving event, amid a wider cryptocurrency market surge.
That’s according to pseudonymous cryptocurrency analyst Leb Crypto, who on the microblogging platform X (formerly known as Twitter), told their followers they expected XRP to make a new all-time high “very soon,” meaning either before or right after Bitcoin’s halving event.
The Bitcoin halving is an event that occurs every 210,000 blocks – or roughly every four years – that’s programmed into Bitcoin’s code to cut in half the coinbase reward BTC miners receive per block found, as a way to cut the supply of newly produced Bitcoin entering the market.
This scarcity event has historically triggered price increases for Bitcoin, and some analysts believe it could have a ripple effect across the broader cryptocurrency market, including XRP. The analyst’s prediction hinges on Bitcoin “printing euphoric price action above $100k going into the halving.”
The tweet ignited a wave of commentary on the social media platform with various users expressing their agreement with the analyst’s prediction, but differing on the specific timeline for the event. Others were more cautious, emphasizing the inherent volatility of the cryptocurrency market and the difficulty of accurately forecasting future prices.
The price of XRP is up more than 11.2% year-to-date and has been significantly underperforming when compared to Bitcoin itself, with the flagship cryptocurrency having surged by more than 70% so far this year to hit a new all-time high above the $73,000 mark.
XRP has nevertheless seemingly started picking up steam, as over the past month the cryptocurrency surged by nearly 30% to now trade at $0.68 per coin. Notably, earlier this year XRP moved forward with an upgrade to introduce a built-in automated market maker (AMM) trading platform into the ledger, allowing XRP token holders to earn income on-chain.
Featured image via Pixabay.
