TL;DR
- XRP recorded another green day, with its price jumping above $3.30.
- Check out the potential factors that have contributed to the surge.
What’s Fueling the Rally?
On January 20, Ripple‘s cross-border token saw significant growth, reaching a high not seen in several days that surpassed $3.3.
It’s plausible that the primary reason for the asset’s strong performance is the significant revival in the crypto market. The total market capitalization of this sector is currently at about $3.8 trillion, with Bitcoin (BTC) reaching a record high of nearly $110,000.
In addition, some other significant cryptocurrencies experiencing a substantial increase over the last 24 hours are Ethereum (ETH), Chainlink (LINK), Hedera (HBAR), among others.
As an analyst, I’ve noticed another potential contributing factor: a surge in whale activity. User Ali Martinez reports that these significant investors have amassed over 100 million XRP (valued at approximately $325 million based on current rates) within the past two days.
Massive acquisitions of whales in the market could instigate buying demand and elevate overall investor confidence, possibly resulting in temporary profits for the assets being traded.
XRP Predictions
During the first part of 2024, Crypto X didn’t shine as brightly as some analysts had anticipated. However, these analysts remained hopeful and continued to predict positive outlooks for XRP. Now, with the recent surge in its value, those same analysts have become even more optimistic about its prospects.
The user known as Dark Defender on platform X made a prediction. Just recently, they forecasted that the value of XRP might not fall below $3 once more. Additionally, they believe the price could surge beyond $5.80 in the near future.
CRYPTOWZRD also shared their thoughts. Previously, they predicted that XRP might reach around $4 in the near future. Additionally, they proposed, “The broader perspective indicates a potential of $8.
Others, such as EDO FARINA, have stated they won’t cash out their XRP holdings until its value soars to an impressive $100. Bitcoin advocate Rajat Soni has opined that such extravagant predictions stem from individuals who may be undiagnosed for mental health issues.
The financial analyst clarified that for XRP to be worth $100 per coin, its market cap would need to skyrocket to an unattainable $10 trillion, given the total supply of 100 billion tokens. Considering the current circulating supply of 57.5 billion coins, the asset’s value would have to increase significantly above $5.4 trillion, which remains highly unlikely.
“XRP is a distraction. Stick to Bitcoin,” Soni said in conclusion.
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2025-01-20 18:52