XRP’s journey to a $50 billion market cap has been challenging, with its price remaining predominantly in a consolidated phase below the $1 mark. The token currently faces downward pressure from overall market sentiment, struggling to maintain support above the $0.55 threshold.
Despite its absence from the recent bull run, XRP is generating optimism due to recent legal advancements between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Blockchainedbb, a crypto analyst on X, highlighted that XRP’s prolonged consolidation period, lasting over 700 days, could soon end in a significant breakout.
The analyst noted that XRP has been confined within a specific price range, notably around the $0.52 level, and this extended period of consolidation typically precedes substantial price movements. The potential breakout from this range is being closely monitored by investors and analysts alike, with many anticipating a notable rally.
Meanwhile, Ripple’s monthly token unlocks, alongside occasional additional sell-offs, could contribute to capitalization through inflation of the circulating supply.
As of press time, XRP is trading at $0.5291 and has a market capitalization of $29.34 billion, indicating that the token would need an upside of approximately 70% to reach $50 billion.
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