TL;DR
XRP recorded a substantial price increase as of late, become the sixth-largest cryptocurrency in terms of market cap.Bullish analysts believe there is more fuel for additional gains, envisioning an ascent to as high as $20.Climbing the Crypto Ladder
Ripple’s XRP has been on a tear in the past several days, with its price soaring by over 40% on a weekly scale. It has surged by approximately 14% (CoinGecko’s data) in the past 24 hours, surpassing the $0.61 mark for the first time in more than three months.
The asset’s market capitalization exceeded $34 billion, a level last observed at the start of April. Thus, XRP flipped Lido Staked Ether (STETH) and USDC (USDC) to become the sixth-largest cryptocurrency. The fifth spot belongs to Solana (SOL), whose market cap currently stands at almost $75 billion.
CryptoPotato reported earlier today that XRP’s rally coincides with the broader uptick of the digital asset market and the resurgence of some important indicators part of Ripple’s ecosystem. Some examples are the total number of executed transactions and the average number of transactions per ledger, both of which spiked to a six-month high.
The price ascent could also be attributed to the rising expectations that the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) may officially end in the next few months. The American attorney Fred Rispoli speculated that an agreement could occur as early as this month, while Jeremy Hogan thinks the spat is more likely to conclude before the end of the summer.
The Odds of a Further XRP Rally
Crypto X is rammed with analysts who noted the asset’s impressive performance, envisioning additional gains in the near future. Nebraskangooner – an X user with almost 350,000 followers – claimed XRP has formed “a nice channel” at resistance in the past year, predicting a possible breakout to as high as $1.
For their part, EGRAG CRYPTO forecasted an ascent above $0.75 should the price exceeds the $0.65 mark. “Anything below 0.75c is just market noise,” the analyst added.
Crypto Michael and Armando Pantoja were much more bullish. Yesterday (July 16), the former argued that XRP could become “one of the biggest pumps of the year” once breaking above the major resistance level of $0.56. The price surpassed the depicted zone mere hours after the prediction.
Armando Pantoja forecasted an ascent toward a whopping $20, based on the historic pattern formed recently on XRP’s price chart: the Bollinger Band. Tightening the width of the tool’s bands is usually a precursor of a violent move in any direction.
“XRP has one of the tightest monthly Bollinger Band squeezes in its history and in all of crypto right now. The last time it squeezed like that, it shot up 60,000%,” one X user said last week.