As the market enters 2025, the cryptocurrency XRP, which has garnered global investor interest in recent months, has had a good start this year.
The asset experienced an impressive 11% surge, rising to around $2.42, a level not seen since the price adjustment at the end of 2024.
With increasing market confidence, analysts predict that XRP could reach $5.85.
According to data from CoinGecko, this recovery has made XRP the third-largest cryptocurrency in the market, with a market cap of about $139 billion. Notably, it has surpassed the market cap of Tether (USDT), which stands at $137 billion.
The recent rise in XRP's price can be partly attributed to the broad shift in market sentiment following the election of President Donald Trump on November 5.
Trump's victory has rekindled confidence in the digital asset industry, leading to an increase in investor optimism. This shift in sentiment seems to have catalyzed a wave of buying activity in the cryptocurrency market, benefiting not only XRP but also other digital assets.
Cryptocurrency analysts have noticed this trend. Notable figure in the cryptocurrency analysis space DarkDefender observed that XRP's price movement is impressive.
After hovering around $2.11, XRP broke through the initial resistance level of $2.22, reaching a high of $2.44. DarkDefender emphasized that $2.42 is a key resistance level, now updated to a new support level.
According to his analysis, if XRP can break through the range of $2.67 to $2.72, it will pave the way for a significant rise, with a target price of up to $5.85.
This potential surge would mean a 141% increase in price from current levels, setting a new historical high for the token.
The Elliott Wave Theory points to a potential target of $10.
Another analyst named CryptoinsightUK has assessed the potential trajectory of XRP, stating that if XRP follows a moderate trend similar to previous price movements, it can 'easily exceed $10.'
He draws on the Elliott Wave Theory, which posits that market trends fluctuate in waves, suggesting that if XRP enters a 'Wave 3' scenario (typically the most significant price movement scenario), the asset's price could exceed $10.
CryptoinsightUK pointed out that many investors have a target of the $8 mark, and based on various indicators, he believes this figure is reasonable.
By analyzing price trends and potential gains, analysts believe the outlook for altcoins is bright, with many indicators pointing towards significant growth.
With the arrival of 2025, XRP's impressive start and broader market dynamics suggest that we may be on the brink of a significant shift in the cryptocurrency landscape.
Political changes and confidence brought by market sentiment are likely to lay the foundation for a new growth era for XRP and the entire cryptocurrency market.
XRP is trading at $2.42, up 2% in the past 24 hours. In terms of trading volume, CoinGecko data shows a decline of nearly 42%, totaling $5.6 billion.
