Ripple’s $XRP
is also in the red on a weekly scale, albeit charting less substantial losses than Shiba Inu. However, the asset remains one of the best performers in the past month, with its price skyrocketing by over 250% and currently trading above $2.30.
Some of the factors that have fueled XRP’s impressive spike over the last several weeks include Gary Gensler’s (the current Chairman of the US SEC) announcement that he will step down in January next year and the progress of Ripple’s upcoming stablecoin. Not long ago, CEO Brad Garlinghouse revealed that the financial product received regulatory approval from the NYDFS.
Many industry participants believe XRP is now gearing up for another massive rally. X user Ali Martinez recently noted the emergence of a bull flag on the asset’s price chart, predicting a rise to a new all-time high of $4. However, he believes the road to the peak might be bumpy and include a brief correction.
Prior to that, he claimed that XRP “looks undervalued after breaking out of this massive multi-year symmetrical triangle.” He set a “conservative target” of $8.40 and an “optimistic” one of a staggering $48.12.
