Crypto analyst Austin Hilton is the latest to give his opinion on the future trajectory of the XRP price going forward. Specifically, Hilton noted two events that will spur XRP’s price to go up “dramatically.” The analyst also outlined other metrics that present a bullish sentiment for the XRP ecosystem.
Major Events That Will Cause XRP Price To Rise
In a video shared on his YouTube Channel, Hilton singled out the approval of Spot Bitcoin ETFs and the upcoming Bitcoin Halving as the two events that will cause XRP’s price to go up “dramatically.” He mentioned that the XRP price could rise to over $1.50 when the SEC approves these funds.
Bloomberg analysts James Seyffart and Eric Balchunas currently predict that there is a 90% chance that a Spot BTC ETF will get approved by January 10. Although he had his reservations about that, he seemed optimistic that the SEC would approve these funds soon as the Commission is “running out of reasons to say no.”
Once that happens, he expects his price prediction of $1.50 or over to materialize. He had referred to an article where another analyst predicted that XRP would hit this price level in March. However, he believes that it could happen in January or February, depending on how things go.
Hilton was quick to point out the fact that these events (BTC Spot ETF & Bitcoin Halving) do not exactly relate to XRP. However, he stated that XRP, being a blue chip, will move up when the overall market moves up. Major altcoins have so far been beneficiaries of Bitcoin’s metric rise on the back of a possible Spot BTC ETF approval. As such, that could explain Hilton’s position on XRP’s rise.
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 metrics include the number of daily transactions and wallet addresses on the XRP Ledger. According to him, this suggests that there is a “fair amount” of liquidity flowing into the ecosystem.
The XRP Ledger indeed continues to record significant milestones in terms of transactions processed on the network. Data from BitInfoCharts also shows that XRP has been going head-to-head with Bitcoin and Ethereum in terms of daily transactions.
Despite the XRP price’s relatively tepid movement, Hilton sounded bullish on the crypto token as he mentioned that current price levels are a “steal” considering the heights that XRP will attain.
At the time of writing, the XRP price is trading at around $0.60, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from TechnoPixel, chart from Tradingview.com
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Source: https://www.newsbtc.com/analysis/xrp/xrp-price-rise-dramatically/