Revised Text:
Ripple’s XRP has been in the spotlight over the past few days, consistently posting significant gains and reaching a new all-time high earlier this week (though this is subject to debate, many market observers concur).
The well-known altcoin has surpassed Tether’s USDT stablecoin to claim the position of the third-largest cryptocurrency, currently boasting a market valuation of approximately $208 billion.
Analysts are now in a race to forecast its upcoming trajectory as discussions on social media hit a peak.
Could XRP Really Increase Sixfold?
John Squire, a prominent supporter of XRP and frequent market analyst, identified what he believes to be a similar pattern in the cryptocurrency’s bi-weekly trading chart.
He points out that about 36 weeks ago, the altcoin followed a comparable pattern and surged by six times its value.
“If history repeats itself, we could be in for another major rise,” Squire commented.
But is such an increase feasible, and what would it entail? The primary requirement would be for XRP to reach a market capitalization of about $1.2 trillion (assuming no additional tokens are released), which is roughly three times that of Ethereum.
Moreover, there would need to be a continuous influx of buy-side liquidity amounting to hundreds of millions, if not billions, of dollars at the current market liquidity levels. For instance, a 2% increase in XRP’s price would necessitate unprecedented buying activity worth over $12 million on Binance, which represents about 14% of XRP’s total trading volume.
Is XRP Gearing Up for Another Surge?
In reality, XRP’s trading volume has decreased by 15% over the last 24 hours, and the cryptocurrency has been in a consolidation phase for the past several days.
As reported by CryptoPotato, Thumzup Media Corporation—an entity listed on Nasdaq—has authorized a $250 million investment initiative to bolster its crypto holdings, including altcoins like XRP, ETH, SOL, DOGE, and LTC.
Meanwhile, well-known analyst Lark Davis suggests that if XRP can maintain its price above $3, it might climb to $4.1 or $4.5, entering what he describes as “bonkers territory.”
