TL;DR

XRP recorded another green day, with its price jumping above $3.30. Check out the potential factors that have contributed to the surge.

Whats Fueling the Rally?

Ripples cross-border token emerged as one of the top performers on January 20 as its price rose to a multi-day peak of over $3.3.

Perhaps the most obvious factor positively impacting the assets performance is the overall resurgence of the crypto sector. The global market capitalization of the industry is hovering around $3.8 trillion, with Bitcoin (BTC) hitting a new all-time high of almost $110,000. 

Other leading assets that have pumped substantially in the past 24 hours include Ethereum (ETH), Chainlink (LINK), Hedera (HBAR), and more.

Another factor could be the increased whale activity. According to X user Ali Martinez, such large investors have accumulated more than 100 million XRP (worth over $325 million at ongoing rates) in the last two days. 

Large-scale whale purchases could create buying pressure and boost market sentiment, potentially leading to short-term gains for the involved asset. 

XRP Predictions

Crypto X is full of analysts who kept outlining bullish forecasts for XRP even during the first half of 2024 when it was not performing that impressively. As expected, those turned into even bigger optimists lately, given the assets bull run.

The X user Dark Defender is one example. Several hours ago, they predicted that XRP might never plunge below $3 again. They also think the price could skyrocket above $5.80 soon.

CRYPTOWZRD chipped in, too. Last week, they assumed that XRP is headed toward $4 in the short term. Moreover, the analyst suggested, The bigger picture is calling $8.

Others, like EDO FARINA, said they wouldnt sell their XRP stash until the valuation hits a whopping $100. The Bitcoin proponent Rajat Soni recently claimed that such wild bets come only from people with undiagnosed mental disability. 

The finance expert explained that $100 per coin would require XRPs market cap to explode to the unrealistic $10 trillion (if we take into consideration the total supply of 100 billion tokens). Based on the circulating supply of 57.5 billion coins, the assets capitalization needs to soar above $5.4 trillion, which is still quite implausible. 

XRP is a distraction. Stick to Bitcoin, Soni said in conclusion.