Bullish Ripple (XRP) Targets, Bitcoin (BTC) Developments, Solana (SOL) Predictions: Bits Recap Dec 1

TL;DR

    XRP Outlook: EGRAG CRYPTO suggests XRP might reach $10 in the near term and potentially $50 by November 2024.
    Bitcoin (BTC) Trends: BTC supply on exchanges hits a six-year low at 5.38%, influenced by reduced trust in exchanges and recent Binance’s $4.3 billion fine settlement.
    Solana (SOL) Predictions: SOL’s price is expected to rise, with analysts predicting short-term targets of $63 and long-term highs up to $1,000.

Bullish Ripple (XRP) Targets, Bitcoin (BTC) Developments, Solana (SOL) Predictions: Bits Recap Dec 1

XRP Gearing up for Price Explosion?

Ripple’s native cryptocurrency – XRP – has once again become the subject of numerous price predictions, with some analysts envisioning quite optimistic scenarios. One such person is the X (Twitter) user EGRAG CRYPTO, who outlined the asset’s impressive performance in the past few months.

The analyst believes that XRP could skyrocket to $10 after a possible “5-month consolidation phase” and explode to the astonishing $50 by November 2024 should the uptrend continue. 

EGRAG CRYPTO previously touched upon the token’s short-term targets, claiming it might soar to approximately $0.71 before the end of 2023.

Those curious to find out how high XRP might spike in the remaining quarter of the year could take a look at our dedicated video below:

What’s New Around Bitcoin (BTC)?

The primary cryptocurrency has also made the headlines recently, marking some serious developments. As CryptoPotato reported, the BTC’s supply on exchanges has dropped to 5.38%, a figure last seen six years ago.

The diminishing trust in trading venues and the shift toward self-custody methods could be a result of the undermined reputation of cryptocurrency exchanges. Recall that one of the largest such organizations – FTX – filed for bankruptcy last year after revealing substantial liquidity issues and triggering multi-billion dollar losses.

Binance has also passed through some turbulence lately, settling money-laundering charges with the US DOJ and agreeing to pay a whopping $4.3 billion fine. 

The reduced BTC supply on exchanges could be viewed as a bullish factor for the price of the asset since it reduces immediate selling pressure. Those willing to check whether BTC is poised for a rally in the near future could take a look at the following video:

Solana’s (SOL) Possible Surge

The native token of Solana – SOL – is another digital asset capturing investors’ attention. It spiked to a yearly high of almost $70 in mid-November but then retraced to its current level of around $60 (per CoinGecko’s data). 

Some analysts believe SOL is on the verge of experiencing a further rally. The X user Crypto King set a short-term target of $63 and a new all-time high of as high as $300 in the long run. 

Jacob Canfield was even more bullish, maintaining that the coin could explode to $1,000 in the following years. He also advised investors to focus on both SOL and ETH.

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2023-12-01 12:43