XRP News Today: XRP Surges 6.19% as Crypto Market Cap Hits $3.16 Trillion

XRP's price experienced a significant increase on Thursday, driven by a broader surge in the cryptocurrency market, which pushed the total market cap to approximately $3.16 trillion. This upward trend was fueled by optimism stemming from promises made by the US President regarding substantial tax cuts and a major trade agreement, which lifted market spirits and led analysts to predict a potential 1,000% surge for XRP in the near future.

Popular crypto analyst EGRAG Crypto shared a chart on Wednesday, highlighting the "Epic Gravitational Fall" for XRP and a bullish chart pattern known as the "Giant Cup." According to his analysis, XRP could reach as high as $7.02 and $13.77, levels that align with the asset's past surges, including the 1,500% increase observed in 2017. This suggests that XRP's current momentum could mirror the significant growth seen in previous market cycles.

In a subsequent post on Thursday, EGRAG Crypto provided an updated XRP price analysis, emphasizing the importance of the Bull Market Support Band (BMSB). This band combines the 20-week Simple Moving Average (SMA) and the 21-week Exponential Moving Average (EMA). According to the analyst, XRP's current price, ranging between $2.15 and $2.41, shows "micro noise," indicating that a sustained move above $2.41 could trigger a bullish rally, while a drop below $2.15 could signal bearish sentiment. Historically, the BMSB has been a reliable indicator of significant price rallies for XRP, such as the surge in 2017.

Analyst Steph has also expressed bullish sentiment, predicting that XRP could hit $30 in the current market cycle. Steph's reasoning is based on the long-term Elliott Wave pattern, which signals a final bullish phase for the asset. Meanwhile, analyst Jim Knox compared over 12 years of XRP and Bitcoin price data, noting that XRP typically sees significant price movements in two key scenarios: when Bitcoin breaks its all-time high (ATH) and enters price discovery, and when Bitcoin reaches the new cycle top. Knox pointed out XRP’s 1000% surge from $0.30 to $3.30, noting that such surges are consistent with Bitcoin’s price movements. He suggested that if history rhymes, XRP might now be in a consolidation phase while other projects outperform.

However, analyst Ali Martinez highlighted a descending channel pattern for XRP with a key resistance level at $2.26 in the shorter term. If XRP breaks through this resistance, Martinez suggests the asset could see a breakout towards $2.60. At the time of reporting, XRP was trading at $2.25, reflecting a 6.19% surge in the past 24 hours.