Ripple’s XRP has been making significant moves in the cryptocurrency market lately, with a daily gain of 13%. This surge comes on the heels of a weekly increase of over 40%, bringing the price to over $0.61 for the first time in three months.
In addition to the price increase, XRP’s market capitalization has exceeded $34 billion, reclaiming its position as the sixth-largest cryptocurrency. This milestone was last seen at the beginning of April, surpassing Lido Staked Ether (STETH) and USDC (USDC). Solana (SOL) currently holds the fifth spot with a market cap of nearly $75 billion.
The recent rally in XRP is part of a broader uptick in the digital asset market, with key indicators within Ripple’s ecosystem showing positive movement. The total number of executed transactions and the average number of transactions per ledger have both reached a six-month high, contributing to the price surge.
One of the factors driving the price of XRP higher is the anticipation of a resolution to the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Speculation from legal experts suggests that an agreement could be reached as early as this month or by the end of the summer, which has added to the positive sentiment surrounding XRP.
Analysts and experts in the crypto space are bullish on XRP’s future performance, with predictions of further gains in the near term. Some analysts believe that XRP could break out to as high as $1, while others forecast an ascent above $0.75 if the price surpasses the $0.65 mark. The overall sentiment is optimistic, with expectations of significant gains once certain resistance levels are breached.
Looking at historical patterns and technical indicators, some analysts have even suggested that XRP could see a massive surge towards $20 based on the Bollinger Band squeeze. This tightening of the Bollinger Bands is seen as a precursor to a significant price movement, with past instances showing substantial gains following similar patterns.
Overall, the recent milestone achieved by Ripple’s XRP and the positive outlook from analysts and experts point to a potentially promising future for the cryptocurrency. As the digital asset market continues to evolve and mature, XRP’s performance will be closely watched by investors and enthusiasts alike.