The popular cryptocurrency XRP is heading into the weekend with a significant gain of nearly 7%, marking a bullish week for the token. The price of XRP has consistently risen since the start of the week, catching the attention of top crypto analysts. As a result, XRP has climbed to the $0.60 mark, a level it had previously reached earlier this year.
XRP traded at this level previously, but the token fell below it due to a market shakeout driven by geopolitical uncertainties. This suggests that XRP might be gearing for a comeback to this crucial price level following the recent rally. This upward movement has affirmed the existing analysis that XRP might be on the cusp of its most significant breakout ever. Some researchers noted that XRP might be primed for a rally as a result of a giant bullish triangle pattern on the chart since 2018.
Source: TraingView
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Analyzing the Potential for Another Massive Rally
While such a steep jump might look improbable in the present days, XRP’s market capitalization has already reached $30 billion, which means that there is still room for growth. A surge of thousands of percent would push XRP’s valuation into the trillions of dollars, which seems improbable, especially when compared to Bitcoin’s market cap of $1.21 trillion.
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Still, with such a steep increase on the chart, many analysts remain optimistic about the future of XRP. As such, they argue that considering the token’s robust fundamentals and the bullish formations on the price chart, there is room for additional gains. High expectations are placed on XRP and its price by enthusiasts and traders, who look forward to what can be another substantial increase.
Conclusion
As XRP continues its bullish trend, the cryptocurrency community remains eager to see whether the token will achieve the anticipated breakout. While a meteoric rise akin to previous surges may be far-fetched, the possibility of substantial growth remains. As the seventh-largest cryptocurrency by market capitalization, XRP’s future developments will be closely monitored by analysts and investors, making it a key player to watch in the evolving crypto landscape.
Read Also: Massive XRP Transfers Trigger Market Speculation Amid Price Correction
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.