The post XRP Trend Hits Yearly High of $1 : Why Has XRP Gone Up? appeared first on Coinpedia Fintech News
The XRP market has broken above the crucial level of $1 today. In the last 24 hours alone, the market has seen a massive growth of 25.1%. The aggressive growth of XRP has triggered discussions among crypto enthusiasts how high the fresh bullish momentum could push the price of XRP. Is $10 a sensible target? Let’s examine.
XRP’s Current Price Surge
Recently, the pace of the latest bullish momentum of the crypto market, which emerged post the US presidential election, has slowed down. In the last 24 hours, the two top crypto markets, Bitcoin and Ethereum, have displayed modest surges of 2.4% and 0.3%, respectively. During the period, Solana’s growth pace has come down to 2.5%. Some top cryptos like BNB have even displayed negative trends.
However, indicating the resilience of the Ripple market, the XRP price has experienced a surge of 25.1% in the last 24 hours. In the last seven days, it has recorded a notable growth of 81.4%.
XRP Market Analysis: Historical Context and Resistance Breakthrough
Notably, it is the first time since July 19, 2023 that the market has surpassed the range of $0.80. On July 13, 2023, the XRP price sharply rose from $0.4704 to $0.851, marking a significant growth of 80.90% in a single day. This was in response to the US District Court for the Southern District of New York ruling in favour of Ripple against the US Securities and Exchange Commission. On July 19, 2023, it further grew to $0.8196, setting a yearly peak.
Now, the XRP price stands at a new yearly peak of $1.0508.
Predicted Surge of XRP
Recently, many prominent crypto analysts, including crypto commentator, identified as Crypto Assets Guy, and crypto market watcher Edo Farina, predicted the possibility of the price of XRP crossing the crucial range of $1 today. The crypto commentator even forecasted increased whale activity in XRP, as investors may shift their focus from other chains. He also revealed his plan to accumulate XRP and meme coins.
At the start of today, the price of XRP was at $0.8917. Since then, it has reported a surge of 16.72%.
XRP’s Future Growth Prospects
A few highly optimistic crypto analysts believe that once the XRP market breaches the crucial mark of $1, it would begin its journey towards an ambitious target of $10.
Notably, some crypto analysts suggest that surpassing the $1 could trigger Fear of Missing Out among investors, leading to even stronger buying pressure.
In conclusion, XRP’s surge highlights its potential to defy odds and break records. With bullish momentum, whale activity and potential market shifts, all eyes remain on XRP’s path to $10.
#News [Source: Coinpedia]