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XRP returned to its spot as the third-largest cryptocurrency by market capitalization following a rapid 10% price increase, which boosted its value and reignited investor optimism.
The rally was part of a broader bullish wave sweeping the crypto market, with Bitcoin nearing $106,000 for the first time since January. XRP has also caught the bullish trend, reaching highs last seen in March.
XRP saw a sudden surge in the early Monday session, rocketing from $2.35 to $2.65 following Sunday's drop. At press time, XRP was up 9.11% in the last 24 hours to $2.57 and 22% weekly.
The recent surge has seen XRP's market cap surpass $151 billion, displacing Tether (USDT) and other contenders in the top five. Tether (USDT) now ranks as the fourth-largest cryptocurrency, where XRP previously was, with a market capitalization of $149.9 billion.
What happens next?
XRP might need to sustain and advance its bullish momentum to maintain its spot and confirm that the present surge is not a one-time blip. With $2.6 breached, the next important resistance is at the $3 level. If XRP can decisively hold above $2.6 and push through, the road to $3 and beyond may be within sight.
Sentiment remains bullish, with calls for targets as high as $4.00 to $5.00 if momentum continues.
Lark Davis, also known as CryptoLark, predicts a massive move for XRP when it breaks out of its current triangle formation. CryptoLark indicated the upside target to be around $4.40 based on the triangle, which lines up with the Fibonacci using the January high and the April low.
In separate news, according to Wu Blockchain, crypto finance firm Amber International has launched a $100 million Crypto Ecosystem Reserve, backed by an AI-driven engine that focuses on crypto assets, including XRP.
Vladislav Sopov