TL;DR
- The cryptocurrency market rebounded with XRP’s price spiking 13% to over $0.44. Analysts predict future gains, with targets set at $17 and $9.50.
- XRP’s daily transactions surpassed 2.3 million, indicating rising adoption and increased trading volume, which could boost investor sentiment and prices.
XRP’s Top Target
The cryptocurrency market experienced a significant decline at the end of last week but started rebounding in the past few days. According to CoinGecko’s data, the sector’s global market cap currently stands at over $2.2 trillion (a 5% increase on a daily scale).
Ripple’s XRP is among the notable gainers, with its price briefly surpassing $0.44: a 13% spike compared to last week’s low of $0.39. Some analysts believe the valuation is yet to explode to unseen peaks, with the X user EGRAG CRYPTO being one example.
The trader set the staggering $17 as XRP’s “new top target.” Closing above $0.75 “with conviction,” reclaiming the $1 mark, and passing through the “equilibrium” of $1.80 was outlined as “crucial” for reaching the depicted all-time high.
“XRP Army STAY STEADY! My aim is for some coins to pump so I can rotate the profits to XRP. This is the conviction,” EGRAG CRYPTO added.
Another analyst who envisioned a bright future for Ripple’s native token was Dark Defender. The X user predicted a rally above $9.50 should “history repeat itself.”
XRP Metrics on the Rise
Important indicators part of XRP’s ecosystem have been relatively flat in the past several months until a significant resurgence was spotted on July 8. XRPscan data shows that the daily number of executed transactions jumped above 2.3 million for the first time since February 2024.
The number of successfully executed transactions and the average number of transactions per ledger have also headed north.
The uptrend generally indicates increased activity and utilization of the XRP network. It can also be a sign of rising adoption either by individual users or by financial institutions leveraging Ripple’s technology for cross-border payments.
Such an uptick often coincides with an increase in trading volume. CoinGecko’s data show that the figure has reached almost $1.5 billion on a 24-hour scale, surpassing major altcoins such as BNB ($1.3 billion) and DOGE ($900 million).
These advancements could positively affect investor sentiment and attract more people into the ecosystem. In turn, the potential new flow of capital can trigger a price spike for XRP.
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