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Reports revealed that Ripple’s XRP has grown in price by over 250% in the past three months, drawing attention from crypto investors. Analysts have predicted the price might rise to $8 in the coming months.
Ripple Chief Executive Officer Brad Garlinghouse shared an optimistic outlook for the crypto market in 2024, saying it could pass $5 trillion by the end of the year. At that time, the market had already increased by 60%, reaching $2.6 trillion.
Garlinghouse Attributes Growth To Bitcoin Halving And Spot Bitcoin ETFs
Garlinghouse said this growth was linked to factors like the upcoming Bitcoin halving and the launch of spot Bitcoin ETFs, which were bringing in institutional investors. He also stated that positive regulatory steps in the US might help the market grow further.
According to reports, a crypto trader named Egrag analyzed XRP’s potential, suggesting it could hold 10% to 20% of the cryptocurrency market. He said that if the total market cap passes $5 trillion, as Garlinghouse predicted, XRP’s price might rise by over 600% to reach $8.
A report shared technical analysis on XRP, highlighting a recent 20% drop in its price from $2.72 to $2.20. The report noted possible recovery paths, showing key support and resistance levels for the cryptocurrency.
Chart patterns reveal that XRP has been forming a Descending Triangle, with the $2.00 level acting as strong horizontal support. Analysts said a bullish breakout at the descending trendline might encourage buyers to invest and push the price higher.
Per reports, XRP’s market cap is around $125 billion, which is about 2% of the total cryptocurrency market cap, currently valued at $3.36 trillion.
Partnerships With Banks Helped Ripple Grow Interest In XRP
Egrag’s analysis, based on past price actions in 2017 and 2021, reportedly showed that XRP had lost some market dominance, hitting its lowest levels. However, Egrag said as XRP’s price recovers and surpasses old highs, it might regain some of its earlier market share.
Sentiment around XRP is positive, with many expecting new record prices. Bitcoin’s attempt to cross the $100,000 mark is also adding to the optimism.
As of now, XRP is trading at $2.20, showing a 52% increase in the last month. Its trading volume in the past 24 hours was over $5.60 billion, according to reports. Analysts and investors alike view XRP’s current performance as a sign of potential growth in the months ahead.
In 2018, XRP reached its highest price ever at $3.92 after a big rise in 2017. This happened because people were excited about Ripple’s payment tools, which helped send money across countries faster with XRP. Ripple also worked with many banks and financial groups, which got more people interested and helped XRP become very popular during that time.
