XRP price prediction for May 31 as Ripple records Q1 impressive growth

Despite
ongoing
legal
troubles,
blockchain
firm
Ripple
recorded
impressive
growth
in
the
first
quarter
of
2024,
hitting
several
milestones.

According
to
the
results
report
released
by
Ripple
on
May
17,
XRP
spot
volumes
surged
40%
from
Q4
2023
to
reach
$865
million
in
Q1
2024.
Daily
average
XRP
derivatives
open
interest
also
increased,
rising
to
$500
million
from
$460
million
in
Q4
2023.

On-chain
transactions
grew
by
108%,
climbing
to
251,397,881
from
121,031,713
recorded
the
previous
quarter.
Additionally,
XRP
burned
for
transaction
fees
rose
by
101%,
from
317,271
in
Q4
2023
to
636,184
in
the
first
quarter
of
2024.

These
results
potentially
highlight
the
strength
of
Ripple’s
underlying
business
despite
the
company’s
legal
battle
with
the
Securities
and
Exchange
Commission
(SEC).
These
positive
metrics
are
likely
to
influence
XRP’s
valuation,
potentially
impacting
its
price
trajectory.

Currently,
XRP
is
holding
the
$0.50
support
zone,
largely
remaining
in
a
consolidation
zone
below
$0.60.
Investors
are
keenly
watching
for
catalysts
that
could
help
the
token
rally
to
the
coveted
$1
mark.

XRP
price
prediction

In
examining
the
XRP
price
prediction,
Finbold
consulted
the

CoinCodex
tool,
which
uses
AI-powered
machine-learning
algorithms
for
price
projection. 

According
to
data
retrieved
on
May
18,
the
tool
projected
that
XRP
is
likely
to
experience
bullish
momentum
and
trade
at
$0.66
by
May
31,
representing
an
upside
of
over
26%
from
XRP’s
current
price.

Meanwhile,
crypto
analyst

Egrag
Crypto
noted
in
a
May
18
X
post
that
XRP
is
poised
for
sustained
bullish
momentum
in
the
coming
days.
According
to
the
analyst,
XRP
is
facing
the
“final
wake-up
line,”
which
saw
the
token
break
out
in
July
2023
but
failed
to
reach
the
anticipated
heights.

The
trading
expert
highlighted
a
new
development:
a
white
triangle
pattern
incorporating
highs
from
2021,
introducing
the
“genuine
wake-up
line.”
Consequently,
the
expert
predicted
a
breakout
around
$1.50,
with
a
more
ambitious
target
of
$7.50.

XRP
Price
Analysis

In
the
short
term,
XRP
is
experiencing
bearish
sentiments,
having
corrected
by
almost
1%
in
the
last
24
hours
to
trade
at
$0.52
at
press
time.
However,
on
the
weekly
chart,
XRP
is
up
3%.

Overall,
XRP
can
sustain
the
bullish
projection
if
it
holds
above
the
$0.50
support
zone.

Disclaimer: The
content
on
this
site
should
not
be
considered
investment
advice.
Investing
is
speculative.
When
investing,
your
capital
is
at
risk.