Ripple’s XRP has been making headlines over the past few days, charting impressive gains and ultimately reaching a new all-time high earlier this week—though its exact status remains open to debate among market participants.
This popular altcoin has recently surpassed Tether’s USDT stablecoin, claiming the title of the third-largest cryptocurrency by market capitalization, which currently sits at around $208 billion.
As enthusiasm grows, analysts are racing to predict XRP’s next move, with social media chatter peaking around the coin.
Can XRP 6x From Here?
John Squire, a prominent XRP advocate and market analyst, has pointed out a potentially similar pattern in XRP’s trading chart on the bi-weekly timeframe. Approximately 36 weeks ago, the altcoin exhibited a similar structure and experienced a remarkable increase by a factor of 6x.
“If history rhymes, we might be in for another rocket,” said Squire.
Is it plausible for XRP to see such substantial growth? The critical first step would be for XRP to achieve a market cap of around $1.2 trillion—approximately three times that of Ethereum, assuming no new tokens are introduced.
Additionally, there would need to be constant buy-side liquidity at the level of hundreds of millions, if not billions of dollars, with current market conditions taken into account. For instance, a 2% price movement in XRP would require unmatched buying worth over $12 million on Binance, which constitutes roughly 14% of XRP’s total trading volume.
XRP Prepares For Another Move?
Currently, XRP’s volume has decreased by 15% in the past 24 hours, indicating that the cryptocurrency has been consolidating for the last couple of days. As reported by CryptoPotato, Thumzup Media Corporation, a firm listed on Nasdaq, has rolled out a $250 million investment plan to expand its cryptocurrency holdings, including altcoins such as XRP, ETH, SOL, DOGE, and LTC.
Well-known analyst Lark Davis has also weighed in, suggesting that if XRP can maintain its price above the $3 threshold, it could potentially surge to around $4.1 or even $4.5—entering what he refers to as “bonkers territory.”
For more detailed analysis, check out the post: Proponent Suggests the XRP Price Can 6x From Here, But is it Realistic? on CryptoPotato.
