With significant positive breakouts over the past week, XRP, the cryptocurrency supported by Ripple, has maintained its momentum. The coin has risen to the sixth spot on the worldwide cryptocurrency list, surpassing Dogecoin, the biggest memecoin, thanks to this spike.
The XRP momentum has been sluggish for more than three years, settling below the $1 threshold. But over the weekend, as XRP jumped to a new yearly high of $1.19, this barrier was broken.
XRP Records 102% Surge
On-chain data provides a highly favorable picture of XRP’s current and future movements. The price of XRP has increased by 8.1% over the past day and by 102% over the past week, according to data from CoinMarketCap. As a result, XRP is currently trading at $1.17.
Furthermore, XRP’s market capitalization now stands at $66.55 billion, surpassing Dogecoin by $10 billion, although its trading volume fell 55% in the last day to $10.7 billion.
Meanwhile, crypto analyst “Cryptoes” noted in a recent X post that XRP has reached a significant milestone during its current spike. He remarked that the Ripple cryptocurrency had its greatest weekly close in two years.
Prior to this bullish breakout, XRP was trading around $0.5 even though the whole crypto market was rallying following the election. The lethargic movement prompted concerns among the XRP community, with investors wondering why the pace was so slow. However, rumors about Gary Gensler’s likely resignation as SEC chairman, as well as other macroeconomic variables, exacerbated the current rise.
XRP overcame years of barriers to trade above $1 as the momentum increased. This level was last attained following the bull market in 2021. As a result, during the past seven days, XRP has emerged as the top gainer among the top 20 cryptocurrencies.
XRP Next Price Target
Following the rise, a number of cryptocurrency specialists have made audacious predictions for XRP. Leading analyst Egrag Crypto said that XRP would soon soar as high as $17, citing the “Bent Fork” theory.
Another analyst, Steph is Crypto, links the tightening of the Bollinger band and worldwide cryptocurrency liquidity to his $14 target prediction.
Since the US is anticipated to have a favorable regulatory environment for the cryptocurrency industry after Donald Trump emerged as the President-elect in the just concluded 2024 elections, other analysts have set their projections at $5, $8, and $11.
In the end, the XRP community is extremely vigilant, watching for clues and protecting sizable holdings in the hopes of a sustained upward trend.
Conclusion
XRP has experienced a remarkable surge, breaking past the $1 barrier for the first time in years and achieving a new yearly high of $1.19, driven by favorable on-chain data and macroeconomic factors, including speculation around SEC leadership changes.
This rally propelled XRP to the sixth spot in global cryptocurrency rankings, with a weekly gain of 102% and a market capitalization of $66.55 billion, surpassing Dogecoin.
Analysts are optimistic, with bold price predictions ranging from $5 to $17, as the Ripple-supported cryptocurrency capitalizes on renewed investor confidence and expectations of a more crypto-friendly regulatory environment under the new U.S. administration.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.