According to CryptoPotato, Ripple’s XRP has experienced a significant price surge, increasing by 40% over the past two weeks. The cryptocurrency briefly dipped below $0.55 but has since recovered and is currently trading above $0.60. Many industry participants are optimistic about XRP's future, anticipating further gains.
Analyst Armando Pantoja noted that investors have accumulated approximately 250 million XRP tokens since June, predicting a potential rise to $8. He identified the $0.70-$0.75 range as a critical resistance level that XRP must surpass to achieve new highs. Another analyst, Javon Marks, expressed even greater optimism, suggesting that XRP could be on the verge of a massive bullish breakout, potentially reaching as high as $150. However, this would require XRP’s market capitalization to soar to around $15 trillion, which seems unrealistic given the current total market cap of the entire crypto sector is approximately $2.5 trillion.
Despite the optimism, some traders remain skeptical about XRP's potential for a substantial rally. Cyclop, an X user with over half a million followers, pointed out that an investment of $10,000 in XRP in September 2018 would still be worth the same amount today. He also listed XRP among the ten cryptocurrencies investors should avoid, arguing that it is an unnecessary fork of Bitcoin with an overly inflated valuation.
Key metrics indicate strong market participation and investor interest in XRP. The number of daily transactions reached nearly 5 million on July 19, and XRP's open interest recently hit a three-month high of over $600 million. Open interest refers to the total number of outstanding derivative contracts, such as futures and options, that have not been settled. An increase in open interest is often a precursor to significant price movements in either direction.
