XRP went through a staggering price surge over the last month after its value rocketed by more than 400%. The Ripple-backed coin traded as low as $0.5 in early November, but the narrative changed after Donald Trump was declared the winner of the November 5 Presidential election.
The victory, coupled with other factors including the SEC chairman’s resignation announcement, and the potential launch of the RLUSD stablecoin, triggered a movement that added over $100 billion to its market cap. Currently, XRP’s market valuation stands at $138.9 billion. According to a local media, Nairametrics, this figure is almost 4x more than the $35 billion valuation of the Nigerian stock market.
Meanwhile, there is still room for growth for XRP. The coin is still below its all-time high of $3.4 and several experts have predicted upside movement before the year ends. Particularly, prominent analyst Egrag Crypto, noted that XRP might never go below $2 since it has established the price mark as its macro support.
In a previous tweet, Egrag forecasted that XRP could close the year at $18, drawing a comparison from XRP’s movement in 2017. He added that if the momentum continues, XRP may boost unprecedentedly to $150 in January 2025.
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This would mean that XRP’s market cap would rise as high as $8.5 trillion, more than 5x the entire African stock market which is currently at $1.6 trillion. It is important to note that cryptocurrencies are highly volatile and predictions are only expectations that are influenced by several factors.
Source: Egrag Crypto/X
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.