XRP is experiencing dynamic growth following Ripple's RLUSD stablecoin launch. The price increased by 1.62% to $2.47, and analysts believe the cryptocurrency is poised for further growth.
XRP Price Surge and Market Dynamics
Since the U.S. elections, XRP has shown significant growth, with its price nearing $3 earlier this month. Currently, XRP trades at $2.47, rising by 1.62% following news of Ripple's RLUSD launch. Analysts believe that if the SEC ends its appeals, the token could reach $3.55. This growth is comparable to a 370% rise since the elections, surpassing both Solana and Tether.
Analysts' Bullish Forecast
Popular trader DonAlt, who predicted XRP's recent rally, believes the token could double its value if it breaks out of the current trading range. XRP has been locked between support and resistance levels of $2.20 and $2.60, failing to breach the $3 mark. However, a break above $2.60 could trigger a bullish trend.
Technical Aspects of XRP's Price Increase
Experts, including EGRAG, point to technical factors supporting XRP's growth. Historical cycles and Fibonacci analysis suggest an increase in market dominance to 5.9% or even 6%. This could translate into substantial price gains, especially if Ripple reaches a projected market cap of $5 trillion. XRP has already regained significant market position, increasing its dominance to 2.09%, putting it only 27.3% below its all-time high.
With positive news and optimistic analyst forecasts, XRP may continue its upward trajectory, especially if the Ripple vs SEC situation resolves favorably.
