A recent surge in Ripple’s XRP has been catching the media’s attention, with significant gains recorded daily and a fresh all-time high reached earlier this week. There is a general consensus among market players that this has been a remarkable period for the altcoin.
Having surpassed Tether’s USDT stablecoin, XRP now holds the position of the third-largest cryptocurrency, boasting a market capitalization of approximately $208 billion. As its performance triggers heightened social media discussions, analysts are eager to forecast what comes next.
John Squire, a renowned XRP advocate and regular price analyst, identified a potentially similar pattern in the altcoin’s bi-weekly trading chart. He highlighted that around 36 weeks ago, the altcoin exhibited the same structure and saw a six-fold increase.
“If we’re in for a repeat of history, we could see another explosive rise,” Squire commented. But how feasible is this, and what would it require?
The primary requirement would be for XRP to reach a market cap of about $1.2 trillion (assuming no new tokens are released), which is roughly triple that of Ethereum. Additionally, constant buy-side liquidity in the hundreds of millions or even billions would be needed at current market liquidity levels. For instance, a mere 2% hike in XRP’s price would demand over $12 million in unmatched buying on Binance, which makes up approximately 14% of XRP’s total trading volume.
Is XRP Gearing Up for Another Leap?
At the moment, XRP’s volume has declined by 15% in the past 24 hours, and the crypto appears to be entering a consolidation phase. Thumzup Media Corporation, a firm listed on Nasdaq, recently approved a $250 million investment plan to grow its cryptocurrency holdings. It plans to include altcoins like XRP, ETH, SOL, DOGE, and LTC.
Noted analyst Lark Davis believes that if XRP can stabilize its price action above $3, it could potentially skyrocket to $4.1 or $4.5, entering what he dubs as the “bonkers territory.”
