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XRP is still making notable progress as the broader market begins a mild bullish recovery. Its price performance has remained positive since at least early November 2024. XRP has posted new price levels that it has not reached in over seven years.
XRP's impressive market momentum
According to CoinMarketCap data, XRP is changing hands at $3.24, a 3.02% increase in the last 24 hours.
Despite experiencing a drop of 53.70% to $7.65 billion in trading volume, XRP looks set to rebound on the market. If sustained, the price action of XRP may breach new heights in the ongoing bullish rally.
Yuri MolchanIn the last 24 hours, XRP has fluctuated between a low of $3.09 and a high of $3.23. Within the last seven days, XRP has hit a high of $3.38 as it struggles to retest its all-time high (ATH) of $3.84. The asset achieved its ATH on Jan. 3, 2018, a little over seven years ago.
Crypto analysts believe XRP could flip that ATH if it receives enough support from market participants. These include XRP whales and futures traders, as well as retail investors.
Notably, the asset is just 16.47% from crossing the historical ATH milestone. They argue that if the trading volume registers a surge from investors, it would provide the liquidity that can power buying demand and ultimately a price boom.
Ecosystem growth bolsters optimism
Some recent activities within the ecosystem indicate there has been increasing adoption. As reported by U.Today, the XRP Ledger shows a marked increase in addresses. As of the last count, there are 6,005,155 accounts on the XRPL. The accounts have over 62.24 billion XRP, and very few addresses - less than 3,250 - have zero XRP balances.
Arman ShirinyanAnalysts consider these developments as signals that XRP could flip its ATH, particularly with community support.
Remarkably, XRP has recorded massive gains when compared with other coins in the crypto space. It recently posted approximately 270% gain against Bitcoin, the leading digital asset. Interestingly, XRP’s technical analysis pattern suggests this rally may yet linger.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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