The Ripple-backed cryptocurrency, XRP, has continued its trend, recording massive bullish breakouts over the last week. This rally has pushed the coin to tumble Dogecoin, the largest memecoin, to secure the #6 position on the global cryptocurrency chart.
For over three years, the XRP momentum has been slow, consolidating below the $1 mark. However, this barrier broke over the weekend when XRP surged to a new yearly high of $1.19.
XRP Skyrockets by 102%
On-chain data paints a very positive picture of XRP’s current and future outlook. According to data from CoinMarketCap, the price of XRP has grown by 8.1% in the last 24 hours, and by 102% over the last week. Consequently, XRP is currently changing hands at $1.17.
Moreover, XRP’s market cap now rests at $66.55 billion, toppling Dogecoin by $10 billion even though its trading volume over the last day declined significantly by 55% to $10.7 billion.
Source: CoinMarketCap
Meanwhile, a recent post on X by analyst Cryptoes pointed out that XRP has achieved a notable milestone amid the current surge. He noted that the Ripple token has reached its highest weekly close in two years.
Before this bullish outbreak, XRP was trading around $0.5 even though the entire crypto market was experiencing a post-election rally. The sluggish movement raised concerns across the XRP community as investors wondered the reason behind the slow pace.
However, the brewing rumor about the potential resignation of Gary Gensler, the SEC chairman, and other macroeconomic factors fueled the recent movement.
Source: Cryptoes/X
As the momentum grew, XRP broke past several years of resistance to trade above $1. The last time XRP reached this level was after the bull market in 2021. As a result, XRP has positioned as the top gainer among the top 20 cryptocurrencies in the last seven days.
Experts Predict Bold Price Targets for XRP
Meanwhile, several crypto experts have dropped bold predictions for XRP in the wake of the rally. Prominent analyst Egrag Crypto cited the “Bent Fork” theory while forecasting that XRP could surge as high as $17 soon.
Another analyst, Steph is Crypto, predicts a $14 target, correlating it to the tightening of the Bollinger band and global crypto liquidity.
Other analysts have targeted $5, $8, and $11 in their forecasts as the US is expected to have a favorable regulatory climate for the crypto industry following the emergence of Donald Trump as the President-elect in the recently concluded 2024 elections.
Ultimately, the XRP community is on full alert, looking for signs and securing large holdings with hopes of a continuous upward movement.
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