The reason behind the stagnant XRP price growth has remained a mystery, with many crypto analysts pointing to legal disputes and market volatility as key factors holding back its momentum. However, even during favorable market conditions and after gaining legal clarity following multiple Ripple Court wins against the United States Securities and Exchange Commission (SEC), XRP has still failed to experience a notable upward surge. 

As a result, investors have questioned the cryptocurrency’s sluggish price growth, prompting a crypto analyst to provide a detailed explanation of why XRP remains at a low price, barely showing signs of a feasible rally.  

Why XRP Price Struggles To Gain Momentum

On October 13, a crypto analyst and researcher known as ‘Crypto Tank’ took to X (formerly Twitter) to discuss the reasons why the XRP price is not moving. In the lengthy X post, the analyst explained that the XRP price was determined by dividing the volume of XRP actively being used on the ledger by its circulating supply. 

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According to Crypto Tank, XRP investors have this misconception that the total XRP in circulation is about 56 billion. However, this figure is misleading as a large portion of XRP’s supply is held in various private wallets by large-scale holders, also called “Whales.” This means that most of XRP’s supply is not actively being used in the market, but is held firmly in these wallets. 

The analyst revealed that what truly matters for XRP’s price movements is how much of the circulating supply is used to actively engage in transactions on the XRP ledger. Currently, only about 20% of the total XRP supply is actively engaged on the XRP Ledger daily. 

For XRP to be used to execute transactions, it often needs to be paired with Automated Market Makers (AMMs), which provide liquidity during trades. These liquidity pools are important for XRP to conduct global settlements, as only ample liquidity can facilitate these enormous transactions which extend to trillions of dollars. This need for substantial liquidity in the XRP Ledger is what limits its price movements. 

Following the analyst’s report, it is clear that XRP’s price struggles are more complicated than mere market volatility. Its ongoing legal dispute with the SEC also adds uncertainty to any potential price increases in the future. 

Analyst Unveils XRP Road Map To $500

While discussing the reasons why XRP’s price has remained stagnant, Crypto Tank also unveiled a road map for how XRP could reach $500. The analyst explains that if XRP could become widely adopted for global settlements like SWIFT, it could potentially reach this price target. 

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He disclosed that an increase in market capitalization or retail investors does not matter, as XRP would only surge to the projected $500 price if it can handle large institutional transactions through deep liquidity pools and AMMs. 

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Bitcoin has yet to rally in October, with many bullish proponents awaiting the resumption of an uptrend. Among those closely monitoring the price action in anticipation of an uptrend is a well-known analyst on the social media platform X. This analyst, who goes by the name Ash Crypto, recently highlighted a striking similarity between Bitcoin’s current price behavior and a notable pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin’s decline in early October 2023, which ultimately reversed into a multi-month rally to its current all-time high.

Explaining The Similar Price Action

October 2023 was the turning point for the price of Bitcoin and many cryptocurrencies. It was during this month that the crypto industry finally broke out of a lengthy bear cycle, with Bitcoin heralding the charge toward renewed optimism and significant price gains.

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For the first time since January, Bitcoin’s market capitalization surged by an impressive 28.52%, sparking a shift in market dynamics that rippled throughout the industry. Although altcoins followed a similar upward trajectory, their gains were modest compared to Bitcoin. However, their collective impact was able to push the entire cryptocurrency market capitalization past the $1.25 trillion mark for the first time since May 2022.

However, while October 2023 was the start of the new bull cycle, what most investors don’t know or have forgotten is that the month started on a negative note. As Ash Crypto pointed out, the price of Bitcoin dropped by 7.5% in the first week of October 2023. According to the BTC/USD price chart, this decline saw the price of Bitcoin fall below $26,500. However, it soon rebounded from this point. By the end of October 2023, Bitcoin had rallied to close the month at over $35,000, representing a remarkable 33% increase from the month’s low.

Fast forward to October 2024, and it appears that Bitcoin is once again repeating its pattern from the previous year. At the start of the month, Bitcoin was trading just below $64,000, a strong position given its recent bullish trends. However, in a movement similar to October 2023, the cryptocurrency experienced another sharp decline, this time dropping by 6.5% within the first three days. Notably, the price briefly touched $60,750 during this period.

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What Does This Mean For Bitcoin?

If history were to repeat itself in full, Bitcoin could maybe or maybe not drop a little bit more before rebounding to the upside. According to Ash Crypto’s projection, a similar 33% surge would see Bitcoin shooting above its current all-time high, with a monthly close right in the middle of $75,000 and $76,000.

At the time of writing, Bitcoin has recovered a bit and is now trading at $61,580. Despite this early setback, many bullish investors are keeping a close eye on Bitcoin in anticipation of Uptober coming to fruition. 

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Lately, top meme based cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) have been witnessing a spike in their prices. This bullish trend appears to have extended to Solana based meme coin Bonk (BONK), as its price movements has been showing signs of an impending bullish surge. With respect to this, a crypto analyst has suggested that Bonk is currently well-positioned for a significant upward movement. 

Analyst Predicts Legendary Target At $0.000033

Bluntz, a prominent crypto trader and analyst has revealed the next bullish target for Bonk. In an X (formerly Twitter) post on September 30, Bluntz revealed that Bonk is currently in a prime position for a”turbo green week.”

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He disclosed that the meme coin had experienced a quick and minor price dip during the week. However, the analyst sees this price decline as a positive sign, suggesting that it creates an opportunity for Bonk to enter a significantly bullish position, potentially triggering a legendary rally. 

Sharing a chart depicting Bonk’s price movements from the past month, Bluntz indicated in his price chart that the meme coin could experience an accelerated price increase to new highs. Presenting an illustration of his predictions of Bonk’s future price movements, the analyst disclosed that the meme coin would rise between the range of $0.000028 and $0.000027 before falling to the support level between $0.000026 and $0.000025. 

After this, Bonk is expected to skyrocket to $0.00003, before dropping back to $0.000028. For his final price surge in his projected turbo green week, Bluntz revealed that Bonk will reach a new price high of $0.000033. The analyst also revealed that for Bonk to experience a bullish price breakout, the meme coin will have to undergo three days of essential sideways trading. 

Presently the price of Bonk is trading at $0.00002, reflecting a slight increase of 3.86% in the past week. A jump to projected highs at $0.000033 would require the meme coin to rise by approximately 65% from its current price. 

BONK Set To Outperform PEPE

While maintaining an optimistic outlook on Bonk’s price, Bluntz disclosed that the meme coin may be taking out the meme coin leadership from Pepe. This suggests that as Bonk is gaining more momentum, Pepe’s performance is slowing down after experiencing a significant price increase. 

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The analyst has identified a “higher low” on the BONK/PEPE chart, which indicates that Bonk is positioning itself for a stronger price rally than Pepe. Typically, a higher low occurs when the price of a cryptocurrency pulls back but maintains its value above its previous low level, signaling a potential continuation of an uptrend.

In the case of Bonk, Bluntz has revealed that it is currently among top meme coins like Dogwifhat (WIF), and Pepe which are presently showing signs of a strong bullish development. Despite this analysis, the cryptocurrency has declined by over 10% in the past 24 hours. 

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