RP, the native cryptocurrency of Ripple, has seen its trading volume increase by 80% in the last 24 hours. The move is now sparking talks of its potential price action as Ripple CTO David Schwartz gives insight into the company's media strategy and continued struggles in controlling the XRP narrative, especially as the firm battles the SEC in court.
XRP Trading Volume Soars
The trading volume of XRP recently increased by more than 80% in the past 24 hours alone to a total of about $8.99 billion, with most of that coming from trading on Korea-focused exchanges such as Upbit. Currently, XRP is traded around $2.50 with a 5.77% gain over the week.
That was then followed by heavy trading activity as XRP rallied to the $2.60 level before paring some gains. Such momentum, analysts say, can signal the beginning of a bigger rally if XRP breaks out above important resistance levels at $2.72 and $2.90.
Ripple's Media Strategy and Challenges in Fighting Misinformation
While Ripple won partially in court—that XRP was not considered a security—Ripple itself was held liable for selling the asset to institutional investors with insufficient disclosure, a holding that carries implications for the very wide and complex regulatory environment surrounding cryptocurrencies.
In a recent discussion, Ripple CTO David Schwartz shed light on the importance of putting out the right information in the crypto space. He said misinformation spreads fast, especially when there is ongoing SEC litigation. Schwartz went on to add that the company tries to rally its community, known as the "XRP Army," to respond to false narratives while presenting a credible public image. This is rather proactive, given Ripple's current effort to navigate the complicated regulatory environment and build positive sentiment around XRP.
Price Predictions and Historical Context
Bobby A., a market analyst, says that if XRP only sees half of its 2017 rally, then prices could easily balloon to $15. In the 2017 bull run, XRP appreciated hugely, and current patterns hint at huge upside potential. After the breakout that occurred in Q4 2024, the price of XRP had a rally of 331% and reflected strong underlying momentum.
Bobby A added that if XRP continues to follow a trend of lower percentage increases, it could see another 665% rise from its current breakout level, which perfectly aligns with historical Fibonacci levels.
The consolidation phase that XRP is currently undergoing has seen patterns mirroring past market cycles, which could signal a long-term bullish reversal. If XRP hits its target at $15, its market capitalization would rise to $861 billion, which would make it the second-largest cryptocurrency by market cap if Ethereum's market cap remains constant.
