XRP has gained significant traction in US trading hours, soaring to a six-year high after its price tapped $3. The asset continues its rapid recovery following the last dip, which wiped billions out of the crypto market cap. XRP trades at $3.06 at the time of writing, moving up 14% in the previous 24 hours, while weekly inflows surged 28%. This bullish performance and similar gains in December 2024 have led to widespread optimism among bulls.
XRP Goes Over The Roof
The 14% surge of XRP comes as institutional investors ramp up buys ahead of Donald *****’s inauguration. The asset is poised to be among the biggest gainers on the institutional front. This comes after the asset traded in the woods for the last three years due to a Securities and Exchange Commission’s (SEC) lawsuit.
Trading below $1, whales dumped tokens as sentiments plunged. However, *****’s victory led to a meteoric rise in market capitalization and trader activity. The asset outperformed Tether’s USDT to become the third-largest crypto asset after its market cap surpassed $175 billion. Inflows continue to trickle in, with bulls projecting higher prices.
After reclaiming $3 for the first time since 2018, XRP is 12% below its all-time high. This ushered in fresh optimism across crypto spaces of trumping the mark this quarter. Digital asset analyst EGRAG Crypto projected a rally to $6.4 for the asset amid widespread community support. The last seven days have also shown huge whale accumulations and movements out of centralized exchanges.
XBT Liquidators set a higher price target between $27 – $30. “A lot of people calling for ridiculous price targets on $XRP. Here is a more realistic one. Price always respects high time frame gann fans. I.E. it hits the top of the fan, then the bottom, completing a cycle. It then runs to the top of the fan again. Target is $27-$30.”
Wider Market Follows XRP’s Trajectory
After days in the red zone, crypto assets have recorded huge gains as sentiments flip green. The total crypto market cap stands at $3.5 trillion, a 4.4% surge today alongside similar growth in trading volumes. Bitcoin’s price moves closer to $100K after a 2.6% growth, while Ethereum snatched a higher 4.81% inflow.
Altcoins like Solana and Cardano saw a spike in trader activity and DeFi volumes. Both assets also picked up gains based on institutional interest. While the SOL price moved up 7% today, ADA gained 3% in the same period.