Bitcoin Reclaims $88,000, Shiba Inu Surges 14.9%

The cryptocurrency market experienced a bullish day, with major coins recording significant gains. Bitcoin reclaimed the $88,000 price point, marking a 0.8% daily growth and trading at $88,168. This surge in Bitcoin's price reflects a broader trend of increasing confidence in the cryptocurrency market, indicating a strong bullish momentum.

Shiba Inu (SHIB) emerged as the biggest gainer among the top 30 cryptocurrencies, with a 14.9% daily gain and a 15.5% weekly increase, trading at $0.00001552. This jump in SHIB's value is notable given the volatility often associated with smaller-cap cryptocurrencies, driven by increased investor interest and positive market sentiment.

XRP also saw a positive day, with a 0.4% daily increase and a 7.2% seven-day gain, trading at $2.46. This price point is 27.4% lower than its all-time high of $3.40, reached on January 7, 2018. Despite some loss of 2025 gains, the XRP market is showing bullish sentiment due to positive developments, such as the dismissal of the SEC's lawsuit against Ripple.

Analysts have shared bullish signals for XRP, predicting a potential surge to $3.40. Crypto Patel, a crypto analyst, indicated that sell order liquidity points to a bullish market, with XRP expected to test the $2.99 level before surging to $3.40. Steph, another analyst, reaffirmed the $3.40 surge prediction, pointing out a possible falling wedge breakout. XForceGlobal shared a long-term XRP price prediction, with $20 and $40 as potential targets.

On-chain metrics for XRP present a mixed picture. The network value to transactions (NVT) ratio has been at its highest level since November 2020, indicating that XRP's market capitalization is increasing faster than its transaction activity. This can signal low investor confidence or an overvalued asset. However, fundamental developments for XRP, such as Ripple's expansion of operations, have supported the bullish sentiment.

Fundamental catalysts are driving the potential XRP price surge. The dismissal of the SEC case against Ripple has injected bullish energy into the community. Additionally, Ripple's expansion into new markets, such as Dubai, and the anticipated launch of XRP ETFs are expected to strengthen buying pressure and support the price surge.

As Ripple continues to expand, it brings in a larger user base for XRP, potentially solving the contrast in the NVT ratio. Regulatory clarity from the SEC and the U.S. government could also drive significant domestic growth for the XRP token. Most analysts present a bullish view for XRP, predicting that it could reach $3.40 in the short term and potentially land in the range of $20 to $40 in the long term, according to the analyst's forecast.