TL;DR
- Ripple (XRP) has surged 500% in less than three months, with the number of wallets surpassing 6 million and ecosystem activity increasing.
- Analysts foresee the asset reaching new highs, with targets between $4.40 and $6, despite recent dips linked to broader market corrections after Trump’s inauguration.
XRP’s Progress
Despite its plunge on a daily scale, Ripple’s XRP has been on a tear in the past few months. Recall that the price was hovering at around $0.50 at the beginning of November last year, while currently, it is worth over $3 (representing a 500% increase).
This impressive rally could be one reason behind the rising adoption. According to the latest data, the total number of XRP wallets exceeded 6 million. This should be considered a serious achievement, considering that the figure stood at around 5 million at the start of 2024.
This development coincides with other Ripple-related metrics that have been on the rise recently. Some examples include the number of executed XRP transactions and the number of newly activated accounts.
Reaching the aforementioned milestone, plus the increased ecosystem activity, suggests an expanding user base, which could boost demand and create additional upward pressure on the price.
XRP Forecasts
The list of analysts predicting that the token is poised for further gains is quite substantial. Most recently, the popular X user Ali Martinez claimed XRP “has broken out of a bullish flag” and is now gearing up for a new all-time high of $4.40.
Mikybull Crypto envisioned a similar target, maintaining that the asset has “one of the strongest bullish charts out there.”
Other market observers who chipped in lately include the X users CEO and Dark Defender. The former thinks XRP could skyrocket to $6, whereas the latter believes the asset may never plunge below $3 again.
It is important to note that Dark Defender made their forecast on January 20, when the price was trading well above $3.15. However, several hours later, it dipped below $3 following the plunge of the entire cryptocurrency market once Donald Trump officially became America’s 47th President.
During his inauguration, he touched upon multiple topics but failed to mention the digital asset industry, which might explain the dip. As CryptoPotato reported, the correction resulted in over $200 million in liquidations within an hour, as hundreds of thousands of traders were wrecked.
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