Top analyst RizXRP, shared his thoughts on X (formerly Twitter), stating, “If XRP doesn’t hit $20 this bull run, it would be weird.” This bold claim has captured the attention of investors and traders alike as they evaluate the ongoing developments surrounding XRP.
In a brief video, Riz expanded on his statement, expressing confidence in XRP’s potential, fueled by its growing use and the momentum behind the project. He emphasized the network’s ability to burn tokens with each transaction, which could accelerate as XRP adoption grows.
With institutional interest increasing, notably through Grayscale’s XRP Trust, Riz believes the combination of factors makes a $20 target realistic.
If #XRP dosen't hit $20 this BULLRUN it would be weird. #HODL @ModernInvest pic.twitter.com/oDLr0sQUsE
— RIZ.. (@RizXRP) October 3, 2024
One of the key points Riz highlighted was XRP’s burn mechanism. Every transaction on the network burns a small amount of XRP, reducing the overall supply over time. As more transactions are processed, especially if Ripple’s stablecoin initiatives gain traction, this burn rate will increase.
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Riz suggested that billions of dollars worth of monthly transactions could further boost this deflationary process, which could, in turn, drive up the XRP’s price.
This potential supply reduction has been a critical aspect of XRP’s long-term value proposition. With more entities utilizing the network, the scarcity effect of burning XRP during transactions might contribute to a sustained price rally during the current bull run.
Another crucial factor discussed is the growing interest from institutional and retail investors. Riz mentioned that Grayscale’s XRP Trust is gaining traction as whales and smaller investors accumulate XRP. This development points to increasing confidence in XRP’s utility and future potential.
Moreover, there has been a noticeable surge in interest since Grayscale’s XRP Trust provides investors with a controlled means of becoming exposed to the asset. The expansion of the trust may be an indication of increased market confidence in XRP’s resilience and continued relevance in the changing cryptocurrency landscape.
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The post It Would Be ‘Weird’ If XRP Price Doesn’t Hit $20 This Bull Run Says Crypto Expert – Here’s Why appeared first on CaptainAltcoin.
