The price of XRP has surged, breaking through $1.2, and has drawn public attention. Analysts predict it may climb to between $5 and $10, or even higher.
Price surges coincide with spikes in search interest
Recently, the price of cryptocurrency $XRP has seen an astonishing increase, rising over 91% in the past week to reach $1.2198, marking the highest point since early 2021. This wave of growth has surprised investors, as $XRP quickly broke through critical resistance levels of $0.7468 and $1.1290. Meanwhile, data from Google Trends shows that interest in Ripple reached a perfect score of 100 on November 17, indicating unprecedented public attention.
Source: Google search trends Both Ripple and XRP show a significant increase in search trends
Multiple factors driving XRP's rise
The rise in XRP's price and public interest can be attributed to multiple factors. One key factor is the substantial accumulation by large investors (commonly known as 'whales'). According to data provided by Santiment, they have recently invested over $526 million (approximately NT$15.8 billion) in purchasing $XRP, indicating their strong confidence in the asset's future potential.
Technical indicators also show a bullish outlook. Senior trader Peter Brandt points out that XRP is forming a 'huge consolidation', indicating that a parabolic price increase may be on the horizon. He emphasizes that XRP
It has already surpassed the 2023 peak, and once it exceeds the 2021 high of approximately $1.6, the price may increase significantly, possibly reaching $9.
Source: Peter Brandt Peter Brandt states that XRP is forming a 'huge consolidation', suggesting that a price surge may be imminent.
Moreover, according to another analyst, Tony Severino, XRP's price has broken through the Kumo resistance on the monthly Ichimoku cloud chart, a barrier that has been difficult to surpass since 2021. This breakout suggests a potential long-term bullish reversal.
Source: Tony Severino Tony Severino states that XRP's price has broken through the Kumo resistance on the monthly Ichimoku cloud chart
Analysts are optimistic about future trends
Market analysts have an optimistic outlook on XRP's future performance. Cryptocurrency analyst Dark Defender, based on Elliott Wave Theory, believes that after a brief correction, XRP is expected to rise to $1.88.
Another analyst, Egrag Crypto, predicts that after breaking through $1, XRP may further climb to $4.
More aggressive predictions suggest that XRP could reach $10 or even higher, similar to the massive surge in 2017. The open interest for XRP futures has also reached a new high of $1.53 billion, demonstrating strong growth in market participation and trader confidence.
Source: Egrag Crypto Egrag Crypto predicts that XRP may further rise to $4.
Global attention and future outlook
The rise in XRP's price and public interest is global, with high search interest observed in countries such as Australia, Canada, South Africa, the United States, and Russia. Despite the recent surge being exciting, XRP is still below its historical high of $3.84, indicating further growth potential.
Market analysts attribute this upward trend to Ripple's positive progress in legal proceedings, as well as the growing adoption of XRP in cross-border transactions. Investors are closely watching whether XRP can maintain this upward momentum and possibly set a new historical high after nearly seven years.
While some retail investors believe that the upward momentum may be difficult to sustain and choose to sell, the continuous rise has triggered 'fear of missing out' (FOMO), further pushing the price up. Conservative estimates suggest that XRP is expected to reach between $5 and $10, while more optimistic predictions indicate it could rise to $300.
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