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The crypto market has been volatile most of this week, with analysts now making bold predictions for the year ahead. XRP has caught the attention of several analysts, with one backing the token to potentially reach $1.50.
Meanwhile, another trader is focusing on a different altcoin, Bitcoin ETF Token (BTCETF), predicting it could rally after presale.
XRP may extend gains
XRP has endured its fair share of volatility over the past month, much like most altcoins.
After dropping throughout the first few weeks of November, the token has staged a relief rally of just over 10% since Nov. 21.
This bounce brought some reprieve following multiple weeks of declines, though XRP remains down over 15% from November’s high.
Evidence of this volatile stance comes from XRP’s funding rates, which have hit historic peaks recently.
Data from Coinglass shows the XRP funding rate spiked to 0.0531% on Dec. 9 – its highest level in 2023.
Funding rates have stayed above 0.020% for most of this month, signaling that the spike was more than just a one-off.
High funding rates like this mean XRP futures traders are paying record fees to maintain their bullish long positions.
This suggests that confidence is building that further upside could be ahead after November’s pullback.
XRP may reach $1.50
Shifting focus to the future, popular YouTube analyst Austin Hilton issued an optimistic XRP price forecast.
Despite the broader market retracing, Hilton sees the current conditions as an opportunity for XRP.
He predicts the asset could surge to $1.40 by March 2024, citing projections from several analysts.
However, Hilton takes an even more bullish stance – stating his belief that XRP could exceed expectations and hit $1.50 (or more) by the end of Q1 2024.
Hilton touches on several factors that could fuel this price increase.
While Bitcoin (BTC) and Ethereum (ETH) retracing, positive developments like spot Bitcoin ETF approvals and the upcoming halving event could support prices..
Hilton also highlights improving XRP on-chain metrics, including more transactions and growing wallet volume.
With these catalysts mounting, Hilton makes the case for a 137% XRP price surge within the next few months.
Bitcoin ETF Token to rally?.
The new altcoin, Bitcoin ETF Token, is also gaining ground, offering a way for investors to benefit on the hype around the approval of a spot Bitcoin ETF.
Token holders can benefit when key milestones in the ETF approval process are met. On each milestone, 5% of the supply is burned, creating deflationary pressure.
BTCETF can also be staked on Ethereum to earn yields of 68% per year, with more than 379 million tokens staked already.
Although not yet available on the open market, BTCETF can be accessed through a limited-time presale event, which has raised $4.1 million from investors.
Once public trading commences following the presale, a 5% tax will be introduced to destroy tokens with each transaction.
As outlined in Bitcoin ETF Token’s whitepaper, this will help enhance deflationary pressure.
Popular crypto trader ClayBro sees significant upside ahead thanks to this deflationary design.
In a recent YouTube video, he predicted BTCETF could rise from its current presale price of $0.0068 if exchange listings and marketing generate traction.
ClayBro believes the unique exposure to spot Bitcoin ETF hype provides an edge over other new altcoins being launched.
Meanwhile, Bitcoin ETF Token continuing to new members to its official Telegram channel.
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