In a remarkable move, the most popular cross-border payment token, XRP, has self-registered as the third-largest token, surpassing a market cap of $100 billion before closing the monthly period. This token has outperformed giants like Solana, BinanceCoin, and Tether, showing strong bullish momentum for the cryptocurrency.
Several factors have driven the XRP price surge, such as legal optimism, ETF speculation, and a strong increase in trading activity, especially at exchanges in South Korea.
Moreover, whale activities have reached a high level, with billions of tokens being transferred here and there and another billion tokens being unlocked. According to data from Whale Alert, over 2 billion XRP tokens have been unlocked from Ripple's escrow account in the past 24 hours.
Additionally, over one billion XRP has been transferred from other unidentified wallets to Ripple and exchanges like Binance & Upbit. The unlocking from the escrow account is a scheduled event to manage supply and support the ecosystem, which previously did not cause any major disruption in the market but triggered price volatility for XRP. The price has increased by 300% in the past few days, regardless of the fluctuating behavior of other popular tokens like Bitcoin or Ethereum.
Therefore, currently, as market participants have become optimistic about XRP, the question arises whether the price will reach a new ATH of $5 before the end of 2024. Recent price movements indicate that the price has gained enough momentum with volumes exceeding $28 billion, up 18% from the bullish volume of 2021. This suggests that buyers have shifted their focus to this token and thus, a new ATH may be imminent.
The monthly XRP price chart shows a 'Dejavu' moment as the price undergoes similar price action. After a few prolonged accumulation phases, the price has triggered a breakout, and thus the outcome is also expected to reflect the previous price surge. With this, the possibility of XRP breaking the double-digit mark and reaching the first stop at $11 seems very feasible. However, it appears that this is only a temporary target, as a true price surge to $30 could succeed if the XRP price follows the previous pattern, marking the peak of the ongoing rally.