Since the conclusion of the U.S. election, Ripple’s XRP has embarked on an impressive bullish journey, with its price recently nearing the $3 mark. As of now, XRP is trading at $2.51, marking a 4.52% increase following the announcement of Ripple’s RLUSD stablecoin launch. Analysts remain optimistic about XRP’s future, suggesting that it could reach $3.55 if the Securities and Exchange Commission (SEC) ends its appeal and XRP is freed from ongoing regulatory entanglements. This optimistic forecast is based on the belief that resolving XRP’s legal hurdles could ignite a substantial rally.
In a broader context, Bitcoin has climbed 46% since the election, while the overall cryptocurrency market has enjoyed remarkable double-digit growth of 93%. Despite these figures, XRP has successfully outpaced both Solana and Tether. According to a recent CNBC report, XRP has emerged as one of the major victors of the Trump-led crypto surge, with an astounding 370% increase since the election. These developments have propelled XRP to outshine larger assets.
Analyst Bullish Outlook on XRP Price
Renowned cryptocurrency trader DonAlt, who accurately anticipated XRP’s significant rally in November, maintains a bullish stance on the token’s future. DonAlt believes that XRP could potentially double its value once again if it successfully breaks out of its current trading range. Since early December, XRP has been confined between support and resistance levels of approximately $2.20 and $2.60, unable to surpass the $3 threshold. However, should XRP manage to exceed the $2.60 resistance level, DonAlt predicts it could initiate a new wave of bullish momentum, driving the price even higher.
Technically, XRP Can Go Even Higher
Technical analyst EGRAG provides additional insights into XRP’s potential breakout. Utilizing historical market cycles and Fibonacci analysis, EGRAG suggests that XRP’s market dominance could rise to 5.9% or even 6%. Such a shift could lead to explosive gains in XRP’s price. EGRAG also posits that if Ripple achieves its ambitious $5 trillion market cap forecast, XRP could reach prices ranging from $8.77 to $17.54, contingent on its share of the global cryptocurrency market. At present, XRP’s market dominance stands at 2.09%, underscoring a significant recovery following its recent surge above $1.
Currently, XRP is a mere 27.3% away from its all-time high, which was recorded seven years ago. The excitement surrounding XRP’s future prospects continues to grow, fueled by the anticipated release of RLUSD and the forthcoming Initial Public Offering (IPO). With the resolution of the Ripple vs. SEC case on the horizon, which has impeded XRP’s growth for nearly a decade, investors are optimistic about a positive outcome and XRP’s continued bullish trajectory.
