Ripple XRP Sees 250% Growth over Three Months with $8 Price Forecast
Ripple’s XRP has seen significant price growth, rising by
more than 250% in the past three months. This surge has drawn attention from
crypto investors, with some analysts predicting that the price could reach as
high as $8 in the coming months.
Crypto Market Eyes $5T
Ripple CEO Brad Garlinghouse remained optimistic about the
crypto market in 2024, predicting it would surpass $5 trillion by year-end. At
the time, with the market already up 60% to $2.6 trillion, Garlinghouse
attributed the growth to macro factors like the upcoming Bitcoin halving and
the launch of spot Bitcoin ETFs, which were attracting institutional investors.
He also highlighted the potential for positive regulatory momentum in the US as
a key factor for further growth.
Egrag, a crypto trader, has shared an analysis, suggesting
that XRP could achieve 10% to 20% market dominance in the cryptocurrency
industry. He believes the price could increase by over 600% to $8 if the total
crypto market cap surpasses $5 trillion, as Ripple’s CEO has predicted.
#XRP Linear Regression: Time & Target Projections ($6.4, $8.5 or $13.7, $27.5 – March Or November 2025): Key Features of the Linear Regression Channel (Log Scale):✅Brief Overview:Linear Regression with (-/+1 Standard Deviation) creates a channel around the trendline that… pic.twitter.com/mzS0mOpHJO
— EGRAG CRYPTO (@egragcrypto) December 27, 2024
XRPUSD Forms Descending Triangle Pattern
XRPUSD daily chart shows that it has been forming a Descending
Triangle. The level of 2.0000 has been working as the horizontal support. A
bullish breakout at the descending trendline may attract the buyers to go long
and push the price towards the North.
Meanwhile, Finance
Magnates reported on XRP’s technical analysis, highlighting
its recent 20% decline from $2.72 to $2.20. The analysis suggested
potential recovery scenarios, noting key support and resistance levels for the
cryptocurrency.
Crypto Market Growth Fuels XRP
Currently, XRP’s market cap is around $125 billion,
representing nearly 2% of the total cryptocurrency market cap, which stands at
$3.36 trillion.
EGRAG’s analysis, based on price actions from 2017 and 2021,
notes that XRP has seen a decline in market dominance, reaching record lows.
However, as XRP recovers in price and surpasses previous highs, it may regain
some of its market dominance.
The sentiment surrounding XRP is optimistic, with many
anticipating new all-time highs, particularly as Bitcoin also attempts to break
the $100,000 mark. As of now, XRP is trading at $2.20, reflecting a 52%
increase over the past month. It has a trading volume of over $5.60 billion in
the past 24 hours.
This article was written by Tareq Sikder at www.financemagnates.com.