[Why XRP could hit $8 after regaining 3-year highs]
XRP's surge above $1 after years of lull has reignited confidence in its long-term value, with analysts predicting further gains.
According to analysis by Cryptoinsightuk, XRP’s market dominance rose to 1.66%, a three-year high. Historical data shows that this level of dominance is often accompanied by large gains, with similar increases in the past averaging 740%. If this trend repeats, XRP price could reach approximately $8.
Technicals show that after XRP returns to $1, the target price may be close to $2, consistent with the "Crab" harmonic pattern. The monthly chart points to a price target of $1.99, which could even extend to $2.98. Finbold previously reported that if it breaks through the $0.76 resistance level, XRP can achieve the market's long-awaited breakthrough, and the market conditions of this bull market are more conducive to XRP's performance.
Political factors are also driving XRP prices. With Trump about to take office, the market is anticipating his friendlier crypto policies and speculating that SEC Chairman Gary Gensler may step down. Ripple CEO Brad Garlinghouse said that Trump’s policies may be beneficial to the development of cryptocurrency and called him the “crypto president.”
At press time, XRP was quoted at $1.06, up 30% in the past 24 hours and up 92% for the week. The technical chart shows that its price is stable above the 50-day and 200-day moving averages, and although there may be a pullback in the short term due to overbought conditions, the overall bullish pattern remains. The key going forward will be whether $1 can serve as solid support.