thecryptobasic.com
XRP is joining the ongoing bull run in the market after previously stalling while other altcoins registered over 50% gains.
Currently, XRP has seen a 2.22% price increase, enabling it to re-enter the $0.60 region. At the time of reporting, XRP reached an intraday high of $0.6081 and has continued to defend the $0.60 level.
Notably, XRP first traded above $0.60 on September 21 but later dipped to $0.5769. XRP’s value at $0.6081 still places it below the $0.63 price it traded at in late August.
Meanwhile, other prominent crypto assets have reclaimed two-month highs in the last few days, driven by Bitcoin’s recent recovery to $66K. However, XRP is just beginning to capitalize on the ongoing bullish optimism in the market, prompting analysts to express confidence in its next move.
XRP Heading to $0.72
In a recent post on X, a notable smart money financial navigator declared that XRP is headed for $0.72 amid its latest comeback. Other market watchers have echoed a similar sentiment, highlighting market charts that project the $0.70 level as the next major target.
From its current price, XRP needs to grow by 20% to achieve the $0.72 proposed by these analyses.
Last Time XRP Was at $0.70
Notably, XRP last attained this level six months ago when it established a yearly high of $0.74 on March 11. Interestingly, XRP experienced a dramatic pump of over 20% on that day, making it momentarily the best-performing asset. This astounded the crypto community, given that its price actions had been largely lackluster.
During that time, the bullish sentiment in the crypto market was stronger than now, as many assets surpassed their 2021 peak and set new all-time highs, including Bitcoin. Those that did not surpass their 2021 peak reclaimed higher price thresholds last seen three years ago, like Ethereum and Solana.
However, in XRP’s case, it only reached a high below what was seen last year, making it one of the underperforming crypto assets in the first quarter of 2024. A report at the time revealed that XRP lagged behind 61 crypto assets with billion-dollar valuations.
More recent records indicate that the situation has worsened, with XRP now trailing behind 70 tokens with billion-dollar market caps.
Optimism Remains High in XRP
Regardless of XRP’s movements, analysts have reiterated that it is one of the best coins with high upside potential in this market.
Its recent successful attempt to reclaim the $0.60 level is sparking optimism for a sustained uptrend that could drive its value toward the $1 range in the near term and beyond $5 in the longer term.