XRP is on fire! After a week of sideways movement, it shot up 19.81% on Friday, hitting a high of $1.84. This boosted its market cap to $104.96 billion, making it the fifth-largest cryptocurrency, even surpassing Binance Coin (BNB).
A $5 XRP? Maybe, But With a Caveat
Analyst EGRAG Crypto sees a potential path to XRP reaching $5.2-$5.3. This prediction is based on a similar price surge XRP saw in 2017 (a whopping 1273% increase!). However, EGRAG also predicts a significant correction afterward – a 63% drop to around $1.94-$1.96. Even after this drop, the price would still be higher than its 2021 all-time high. The key takeaway? While the percentage gains might mirror 2017, the timeline will likely be different.
Current XRP Situation
Right now, XRP is trading around $1.84, with daily trading volume up a massive 143.48%. It recently broke through a major resistance level at $1.76, suggesting a possible run towards its all-time high of $3.84.
What’s Fueling the Hype?
The positive sentiment around XRP is strong. Several factors are contributing to this:
- Potential Ripple Lawsuit Resolution:
Former CFTC chairman Chris Giancarlo believes the SEC might drop its lawsuit against Ripple, given the incoming administration’s pro-crypto stance. - Spot ETF Potential: The possibility of an XRP spot ETF could significantly increase demand.
All this, combined with the upcoming crypto bull run, is making investors bullish on XRP. But remember, crypto is volatile, so while the potential is exciting, it’s crucial to invest cautiously.
