thecryptobasic.com
XRP saw its highest weekly close in three years as bullish momentum swells in the XRP Ledger ecosystem.
Amid a broader market consolidation after a bullish outbreak, which saw Bitcoin break the $93,000 price, XRP defied the prevailing momentum. The sixth-largest cryptocurrency by market cap surged a whopping 105% in the past seven days to finally cross $1.
XRP’s bullish upswing also ensured it overtook Dogecoin in the crypto rankings after a price upsurge from the meme coin saw it trump the asset earlier in the month. Notably, XRP now trades at a market cap above $65 billion, its largest in three years.
Highest Weekly Close Since 2021
Meanwhile, market analyst Cryptoes drew the XRP community to a notable milestone that XRP achieved following its bullish breakout last week. In a Monday tweet, he noted that the XRPL native token attained its highest weekly close in three years.
Barely a week ago, XRP traded around 50 cents, recording minute gains despite a broader market bullish momentum. However, positive sentiments around the ecosystem grew following strong macroeconomic factors, propelling the price outbreak.
As XRP gained momentum, its price broke past multi-year resistances to trade above $1 after over three years of trying to attain the price mark. XRP grew to a weekly high of $1.26 on November 16 before closing at $1.0545.
Meanwhile, XRP’s performance last week increased its monthly and yearly gains to 116% and 97%, respectively. The asset also became the top gainer in the past seven days among the top 20 crypto assets by market cap.
What Next for XRP?
As bullish momentum persists in the XRP ecosystem, discussion on a possible price target for the coin has gained momentum. Analyst Cryptoes also sparked the conversation in his Monday tweet, identifying XRP’s highest weekly close since 2021.
Notably, lofty price targets are making the rounds as analysts expect XRP to sustain this renewed bullish traction. For instance, analyst Egrag placed an audacious $17 target for the XRPL native token, citing the “Bent Fork” theory.
Another analyst, Steph, noted that XRP would target $14. The commentator based his assertions on the tightening of the Bollinger band and XRP’s correlation with global liquidity.
Meanwhile, other targets like $5, $8, and $11 still exist as analysts tap the brightening regulatory cloud in the US and a possible conclusion of Ripple’s case with the Securities and Exchange Commission (SEC) to propel XRP to unprecedented highs.
At the time of writing, XRP trades at $1.170, up 14% in the past 24 hours.