TL;DR
- XRP’s price surged, fueled by speculation about a potential pro-crypto shift at the US SEC.
- Analysts predict further gains, with targets ranging to as high as $13.
Further Rally Incoming?
Ripple’s XRP has been one of the crypto market’s frontrunners lately. A few days ago, its price touched a three-year high of $1.20, while currently, it hovers around $1.16 (per CoinGecko’s data). Meanwhile, XRP’s market capitalization surged above $65 billion, thus flipping Dogecoin (DOGE) as the sixth-biggest cryptocurrency.
Perhaps the most apparent factor fueling the asset’s bull run is the growing speculation that Gary Gensler (the current Chairman of the US SEC) might soon vacate his post. During his tenure, the agency has filed countless lawsuits against crypto businesses, including Ripple. The community expects a pro-crypto replacement, and some rumors suggest this might be the case.
Multiple analysts believe XRP has yet to pump hard. X user EGRAG CRYPTO claimed the asset no longer trades alongside “the genuine wake-up line,” assuming “a mega move” to a new all-time high of $7 could be on the horizon.
Dark Defender was even more bullish. The strategist thinks the minor correction will last only a few days and that XRP will then “continue the momentum.”
“You might not believe this, and it might seem as artificial, but is is not: We have a golden target of $13.085 (NFA) which became crystal clear yesterday. Strange, isn’t it? Melting process will continue,” they predicted.
Crypto King also chipped in, albeit outlining a more modest forecast than the aforementioned analysts.
$XRP / USDT ( UPDATE )
Probably the next leg up to 1.5$ soon. While liquidity is flowing into altcoins , I feel #XRP is gonna be sending hard. pic.twitter.com/vgWuBTdSqj
— Crypto King.eth.sol (@cryptosanthoshK) November 18, 2024
Previous Predictions
Other popular analysts who envision bright days ahead for XRP include CryptoBull and Crypto Assets Guy. The former described the $1.28 level as the most important barrier in the near future, speculating that the next target could be $1.96 and eventually a new peak of almost $4.
Crypto Assets Guy believes XRP will explode to double-digit territory this cycle, asking the community if they think a triple-digit scenario is plausible. The answers ranged from “yes, of course,” to “no, never.” It is worth mentioning that XRP’s market cap will need to skyrocket to over $5.3 trillion if the price reaches $100.
As of the moment, the entire capitalization of the industry is approximately $3.2 trillion, making the assumption highly unlikely.
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