XRP News Today: XRP Surges 20% to $2.97, Reclaims Third Spot in Market Capitalization

XRP, the cryptocurrency associated with Ripple, has recently experienced a surge in bullish sentiment, with top analysts predicting significant price increases. The token recently spiked to $2.97 on Binance—its highest price since early March—before pulling back slightly to $2.81. Despite the dip, XRP has reclaimed the number three spot in market capitalization, overtaking Tether with a valuation of $166 billion.

The renewed optimism stems from well-known trader DonAlt, who previously forecasted XRP’s breakout and now believes it could continue climbing steeply. His analysis points to a strong technical breakout, with parallels drawn to XRP’s Q4 2024 rally, which he also predicted correctly. Another trader, Jonny Moe, echoed the bullish outlook, calling XRP’s setup “insane.”

On-chain data supports the price action. According to Santiment, XRP has seen a sharp increase in network growth and retail activity across social platforms. Meanwhile, market veteran Peter Brandt hinted that the token might be entering an “up only” phase but stopped short of naming a price target, noting the potential for backlash from critics.

With momentum building and social sentiment heating up, the question now is whether XRP can push past its 2025 peak of $3.39 and close in on new all-time highs. One analyst has suggested that if XRP can sustain a price above $2.34, it could breach the $2.65 mark, indicating a major breakout. This optimistic outlook is supported by the cryptocurrency's recent price movements, which have shown a strong upward trend. The analyst's prediction is based on technical analysis, which suggests that XRP is poised for a significant price increase.

The bullish sentiment surrounding XRP is not limited to this analyst. Other experts in the field have also expressed optimism about the cryptocurrency's future price movements. According to the analyst's forecast, XRP is on the verge of a major breakout, with the potential to reach prices between $4 and $6. This prediction is based on the cryptocurrency's recent price movements and its ability to maintain key price levels.

The recent surge in XRP's price has been attributed to a breakout from a descending wedge pattern, which is a bullish technical indicator. This pattern suggests that the cryptocurrency is poised for a significant price increase, as it has broken out of a period of consolidation and is now moving higher. The breakout has been supported by strong buying pressure, which has driven the price of XRP higher.

The bullish sentiment surrounding XRP is not limited to technical analysis. Some analysts have also expressed optimism about the cryptocurrency's future price movements based on fundamental factors. According to the analyst's forecast, XRP is poised for a significant price increase, as it has a strong use case and a growing ecosystem. The cryptocurrency is used for cross-border payments and remittances, and its network is expanding rapidly.

The recent surge in XRP's price has been supported by strong buying pressure, which has driven the price of the cryptocurrency higher. This buying pressure is likely to continue, as more investors become aware of the cryptocurrency's potential and its strong use case. The bullish sentiment surrounding XRP is likely to continue, as the cryptocurrency's price movements are supported by both technical and fundamental factors.