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The popular cryptocurrency XRP is heading into the weekend with a gain of nearly 7%. Since the beginning of the week, the price of the token has shown bullish behavior, which has not gone unnoticed, including by top crypto analysts. As a result, the quotes of the cryptocurrency came to the zone of $0.6 per XRP.
This year, the token was already trading at this level, but after the strongest shakeout in the market in a long time against the backdrop of geopolitical uncertainties, it fell below this mark and has only now returned.
Gamza KhanzadaevThis rally fits perfectly into perhaps the main narrative surrounding XRP right now, as the cryptocurrency prepares for perhaps the biggest price breakout in history.
As the main argument, this is signaled by the huge bullish triangle pattern that the XRP price has been drawing since as far back as 2018. The last time something like this happened, the price of the popular cryptocurrency rose nearly 60,000% in just over 300 days.
Is it possible for this to happen again?
It is a long shot, considering that XRP is now a crypto asset with a market capitalization of more than $30 billion. An increase in its price by thousands of percent would make the valuation of XRP simply absurd and in the trillions of dollars.
This is while the main cryptocurrency, Bitcoin, itself has a market cap of $1.21 trillion.
However, XRP's growth is still expected, both by major analysts looking at the token's chart without any bias, and directly by enthusiasts drawing crazy parabolas on the price chart. Therefore, it will be interesting to see what the future holds for the seventh largest cryptocurrency.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team