TL:DR;
- Ripple’s cross-border token has stolen the show once again as its price shot up to $3.2 for the first time in over seven years.
- At the same time, analysts have turned highly bullish, with predictions of up to $10 per token during the ongoing cycle.
Recall that the asset’s price stood at a mere $2.1 at the start of the year two weeks ago. Since then, it has been on a spectacular run that even the Monday crash couldn’t contain.
The past few days alone have been nothing short of astonishing for the third-largest cryptocurrency, as it went from $2.3 on Monday to $3.2 earlier this morning. This represented a nearly 40% surge in about 72 hours and put its price at a seven-year peak.
Despite retracing to under $3.1 now, XRP is still 9% up on the day and more than 30% higher than this time last week. This impressive rally came after the US CPI data was announced yesterday, which pushed many crypto assets north. However, XRP’s case is particularly impressive.
It all started last week after reports that XRP whales had spent more than $2 billion to accumulate approximately a billion tokens within the span of just 48 hours. The positive developments have only intensified since then, including growing usage of the XRP network for massive transactions.
Even the SEC’s late appeal in the legal case between the agency and Ripple couldn’t shake XRP’s gains. At the same time, popular analyst Ali Martinez outlined a massive price target for the asset of up to $10.
After outlining the aforementioned whale accumulation, he added that the token has broken out of a bull pennant, which typically indicates the continuation of a substantial rally to the upside. He concluded that if the buying pressure continues in such a manner, it could send XRP’s price higher by more than 3x.
$XRP is going to $10! pic.twitter.com/EAIhqpj4V4
— Ali (@ali_charts) January 15, 2025
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