The native cryptocurrency of the Ripple ecosystem, XRP, has gained bullish momentum as the crypto community discusses another price surge.
Ripple (XRP) has surged 7.5% in value over the past 24 hours, making it the biggest gainer among the top 100 cryptocurrencies. XRP is currently trading at $0.643 at the time of writing – a level last seen in early April.
XRP’s market cap has crossed $36 billion with a daily trading volume of $2.9 billion.
Tony Severino, a veteran cryptocurrency trader and analyst, pointed to XRP’s Bollinger Bands as a potential price spike, also calling them a “huge breakout” for XRP, crypto.news reported yesterday. The bands have already reached levels last seen in 2018 when XRP surged 60,000%.
Since then, the cryptocurrency community has been discussing the so-called “massive hack” of XRP.
However, another 60,000% increase in XRP price does not seem very realistic at this point. First and foremost, XRP’s market cap was around $130 billion in January 2018, representing a 600x growth over the course of a single year. At that time, the cryptocurrency became the second-largest cryptocurrency after Ethereum’s (ETH) market cap of $110 billion.
With the current market cap at $36 billion, another 600x increase in XRP’s market cap in the short term seems highly unrealistic, given that the broader cryptocurrency market is navigating extremely volatile conditions.
According to data provided by Santiment, XRP’s profit supply has reached 87.32%, a level last seen in late March when the token was trading at around $0.635. This could see more investors lock in profits before the asset’s price faces a correction.
Data from market intelligence platform Santiment shows that whales have also started making their move amid the XRP price surge. According to Santiment, the number of whale transactions worth at least $100,000 in XRP has increased from 526 to 811 unique transactions in the past 24 hours alone.
Moreover, the RSI for XRP is at 69, according to data from Santiment. This indicator shows that the asset is currently overbought at this price point, which means that a price correction due to short-term profit-taking is expected.
According to a report by crypto.news, the latest price predictions from cryptocurrency exchange Changelly predict that the price of XRP could cross the $500 mark by 2050. The asset’s price is expected to reach a maximum of $1.18 in 2025, according to the analysis.