XRP News Today: XRP Surges 15% to $208 Billion Market Cap, Becomes Third-Largest Cryptocurrency

Ripple’s XRP has been a focal point in the cryptocurrency market, achieving significant gains and reaching a new all-time high earlier this week. The altcoin has surpassed Tether’s USDT stablecoin to become the third-largest cryptocurrency by market capitalization, currently valued at around $208 billion. This surge has sparked intense speculation and analysis among market participants and analysts.

John Squire, a prominent XRP proponent and frequent price commentator, has identified a pattern in the cryptocurrency’s trading chart on the bi-weekly time frame. According to Squire, approximately 36 weeks ago, XRP followed a similar structure and increased by a factor of 6x. He suggests that if history repeats, XRP could be poised for another substantial increase. However, the feasibility of such a surge remains a topic of debate.

For XRP to achieve a 6x increase from its current price, it would need to reach a market capitalization of around $1.2 trillion, assuming no new tokens are introduced. This would place XRP’s market cap at roughly three times that of Ethereum, the second-largest cryptocurrency. Additionally, maintaining constant buy-side liquidity in the hundreds of millions, if not billions, of dollars would be necessary to sustain such a price movement. For instance, a 2% price change in XRP would require significant buying power, with over $12 million in unmatched buying on Binance alone, which accounts for around 14% of XRP’s total trading volume.

Despite the optimistic predictions, the reality on the ground presents a different picture. XRP’s trading volume has decreased by 15% over the past 24 hours, and the cryptocurrency appears to be consolidating over the past few days. Thumzup Media Corporation, a Nasdaq-listed firm, has approved a $250 million investment plan to expand its crypto holdings, which includes altcoins such as XRP, ETH, SOL, DOGE, and LTC. This development could potentially provide some support for XRP’s price.

Analyst Lark Davis has expressed his opinion that if XRP can stabilize its price above $3, it could surge to $4.1 or $4.5, describing this as “bonkers territory.” However, such predictions are based on speculative analysis and should be taken with caution. The actual price movement of XRP will depend on various factors, including market sentiment, regulatory developments, and technological advancements in the cryptocurrency space.