XRP continues to outperform the rest of the cryptocurrency market, as it is the biggest gainer in the last 24 hours among the top ten largest cryptos by market capitalization.
XRP was trading at a high of $2.13 at the time of writing, up 4.5% in 24 hours. The fifth-largest crypto by market cap has gained by over 34% in the past month alone.
XRP Headed To $5
As FOMO around XRP builds, analysts believe that the coin could be headed for a breakout that will see the price smash past $5 in the short term.
The analyst noted that the XRP price has been consolidating within a symmetrical triangle for six years, a trend not typically seen among other cryptos. If the price breaks out of this pattern, the next price target will be $3.90.
Analyst Javon Marks gives a less conservative prediction, saying XRP could break higher levels and potentially climb by over 5,000%. Per the analyst’s blue-sky scenario for XRP’s price action, the token could target $50, with the rally only now just beginning.
One of the main factors behind XRP’s recent price action is the accumulation by large wallet addresses. On-chain analytics platform Santiment reported that the number of wallet addresses holding more than 10,000 XRP has increased by 50% over the past five weeks.
The number of these addresses now stands at a six-month high, with 2,389 more whales increasing their exposure to the crypto asset. The behavior of these wallets tends to point towards XRP’s price action, with the recent accumulation coinciding with the price recovery.
Source: https://zycrypto.com/from-2-to-50-xrp-price-analysts-blue-sky-scenario-sees-5000-xrp-rally-as-whales-load-up/
