Ripple XRP Sees 250% Growth over Three Months with $8 Price Forecast

Friday, 27/12/2024 | 14:08 GMT by Tareq Sikder

The digital asset currently holds a 2% market dominance, with a market cap of $125 billion.

The coin is trading at $2.20, up 52% in the last month, with a daily trading volume of over $5.60 billion.

Ripple's XRP has seen significant price growth, rising by more than 250% in the past three months. This surge has drawn attention from crypto investors, with some analysts predicting that the price could reach as high as $8 in the coming months.

Crypto Market Eyes $5T

Ripple CEO Brad Garlinghouse remained optimistic about the crypto market in 2024, predicting it would surpass $5 trillion by year-end. At the time, with the market already up 60% to $2.6 trillion, Garlinghouse attributed the growth to macro factors like the upcoming Bitcoin halving and the launch of spot Bitcoin ETFs, which were attracting institutional investors. He also highlighted the potential for positive regulatory momentum in the US as a key factor for further growth.

Egrag, a crypto trader, has shared an analysis, suggesting that XRP could achieve 10% to 20% market dominance in the cryptocurrency industry. He believes the price could increase by over 600% to $8 if the total crypto market cap surpasses $5 trillion, as Ripple ’s CEO has predicted.

XRPUSD Forms Descending Triangle Pattern

XRPUSD daily chart shows that it has been forming a Descending Triangle. The level of 2.0000 has been working as the horizontal support. A bullish breakout at the descending trendline may attract the buyers to go long and push the price towards the North.

Meanwhile, Finance Magnates reported on XRP's technical analysis, highlighting its recent 20% decline from $2.72 to $2.20. The analysis suggested potential recovery scenarios, noting key support and resistance levels for the cryptocurrency.

XRPUSD, Daily Chart, Source: TradingView

Crypto Market Growth Fuels XRP

Currently, XRP’s market cap is around $125 billion, representing nearly 2% of the total cryptocurrency market cap, which stands at $3.36 trillion.

EGRAG’s analysis, based on price actions from 2017 and 2021, notes that XRP has seen a decline in market dominance, reaching record lows. However, as XRP recovers in price and surpasses previous highs, it may regain some of its market dominance.

The sentiment surrounding XRP is optimistic, with many anticipating new all-time highs, particularly as Bitcoin also attempts to break the $100,000 mark. As of now, XRP is trading at $2.20, reflecting a 52% increase over the past month. It has a trading volume of over $5.60 billion in the past 24 hours.