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The analyst predicts a 39,000% increase, taking the price of XRP to $220. Find out when here

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

Crypto Eggag highlighted the $220 price level as one of the numbers that XRP price could reach based on its analysis of Fibonacci levels. Interestingly, the attached chart he shared shows that this price level could be reached this year.

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Based on his analysis, XRP would hit “crucial numbers” such as the $1.2, $2.2, $5.8, $11, and $33 price levels before hitting $220.

The analyst assured that this price movement would undoubtedly be parabolic as he explained that it would be a GRB (Gamma-Ray Burst) event. He also noted that such a development could end up reflecting a similar development to that of the XRP price in 2017, when it increased by 61,000%.

Meanwhile, Egrag provided insight into when the XRP bull market could begin by highlighting the 12 and 24 SMA (simple moving average) as a “clear signal.” Once there is a bullish crossover above them, the bull run could take place almost a month later, according to the crypto analyst.

Steven McClurg, chief investment officer (CIO) of Valkyrie, hinted in a recent interview that an XRP ETF could hit the market at some point. His comments came as he suggested that the imminent approval of spot Bitcoin ETFs could open the door to other ETF applications centered around tokens such as XRP and Ethereum.

In response to McClurg’s interview, Fox business reporter Eleanor Terrett shared some thoughts based on conversations she had with some industry players about an XRP ETF. She explained in an article that there are “diverging views” on whether the Securities and Exchange Commission (SEC) is ready to approve a single-product XRP spot ETF.

She noted that bulls argue that the XRP token will be included in future funds, especially since it is the only digital asset with clear regulation. They also highlighted Grayscale’s decision to re-incorporate the token into the Grayscale Digital Large Cap (GDLC) fund as a positive sign that there will soon be an XRP ETF.

On the other hand, Terrett says bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or a change in government. This argument is based on their belief that SEC Chairman Gary Gensler is unlikely to change his stance on crypto assets other than Bitcoin.

Stablecoin market recovers: growth of US$5.48 billion in 22 days

In recent weeks, the market value of major stablecoins has seen a notable increase. The economy of these fiat-pegged tokens expanded from $123.66 billion to the current $129.14 billion. This substantial growth of nearly $6 billion comes after the stablecoin industry lost tens of billions last year. In particular, tokens like BUSD, USDP, and USDC have seen considerable redemptions over the past 12 months.

Stablecoins see multi-billion dollar market expansion in three weeks

Recent data indicates that from November 2 to 24, 2023, over 22 days, the stablecoin market expanded by $5.48 billion. In the last 24 hours, fiat-pegged cryptocurrencies reached a trading volume of $50.74 billion, in contrast to the total global trading volume of $88.65 billion.

Metrics show that stablecoin swaps account for 57.23% of total trading volume worldwide. Tether (USDT) leads the way with a market cap of $88.59 billion, accounting for 68.59% of the total market capitalization of $129.14 billion and accounting for 5.93% of the entire US$ crypto economy 1.4 trillion.

Over the past 22 days, USDT market capitalization has increased by 4.24%. The USD coin (USDC) has also seen modest growth since November 2, with its market capitalization increasing 0.81% from $24.5 billion to the current $24.7 billion.

The market cap of DAI has increased by 43.2%, while the supply of trueusd (TUSD) has decreased by 5.38% since November 2nd. BUSD has been declining all year following Paxos’ decision to stop minting BUSD.

Twenty-two days ago, BUSD’s market capitalization was $1.95 billion, which has now dropped to $1.74 billion, a drop of 10.76%. The newly arrived first digital dollar (FDUSD) saw its market value increase from $590 million to $733 million, an increase of 24.23%.

Tron’s USDD fell slightly from $725 million, down 0.82% to the current $719 million. The Frax Dollar (FRAX) also had a slight drop of 0.44%, going from US$671 million to US$668 million in the same period.

Paxos, which supports Paypal’s PYUSD issuance, saw a 1.10% reduction in the supply of pax dollars (USDP), from $453 million to $448 million. The tenth largest stablecoin by market cap, Liquidity USD (LUSD), saw its supply drop from $220 million to $205 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained relatively unchanged.