TL;DR
- XRP price hit a 7-year high near $2.90 amid optimism about its use in banking, ETF speculation and bullish forecasts.
- Experts predict the asset could soon reach $4 or $8, with some predicting its market capitalization could exceed $500 billion.
XRP makes headlines
The cryptocurrency sector has seen a substantial recovery over the past 24 hours, with global market capitalization surpassing $3.5 trillion. once again. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA) and many other top digital assets are well in the green today (January 15)but some are leading the pack with double-digit price increases.
One notable gainer is Ripple’s XRP, whose valuation recently hit a 7-year high of nearly $2.90. Currently, the price is hovering around $2.88 (according to CoinGecko data), representing a 14% decline. increase on a daily scale.
Along with its sharp rise, XRP became the top trending cryptocurrency on January 14. According to in Santiment, the reasons behind the buzz around the asset are increased optimism about its potential use in banking and financial trading, bullish predictions of a new rally, and speculation on the XRP ETF.
The platform’s research estimated that the second most trending cryptocurrency is Ethereum (ETH). The interest is supposed to be powered by the introduction of Soneium (an Ethereum layer-2 blockchain solution developed by Sony).
“There are multiple transactions involving significant amounts of ETH, highlighting active trading and investing across the Ethereum ecosystem,” Santiment added.
Other cryptocurrencies that have caught the attention of industry players lately include Bitcoin (BTC), Kaspa (KAS) and Peanut the Squirrel (PNUT).
XRP targets new highs
As mentioned above, many analysts believe that the price of Ripple’s native token could reach a new all-time high as soon as this year. User X CRYPTOWZRD recently claimed that the asset “reversed previous resistance to support” around $2 and is now poised to climb to $4 and then $8. They said such a scenario would mirror the pre-bullish period of 2017 and the rally that followed the following year.
The veteran the trader Peter Brandt also » intervened. He described several bullish forecasts recently, assuming that XRP’s market cap could explode above $500 billion. Such a pump would result in a price increase of almost $9.50.
It is worth mentioning that Brandt has been primarily anti-XRP for several years. But earlier this month he apologized for his position and wished the Ripple community all the best.
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