XRP Price Bounces 30% as Bulls Eye Major Breakout To All-Time High

XRP has gained significant traction in US trading hours, soaring to a six-year high after its price tapped $3. The asset continues its rapid recovery following the last dip, which wiped billions out of the crypto market cap. XRP trades at $3.06 at the time of writing, moving up 14% in the previous 24 hours, while weekly inflows surged 28%. This bullish performance and similar gains in December 2024 have led to widespread optimism among bulls.

XRP Goes Over The Roof

The 14% surge of XRP comes as institutional investors ramp up buys ahead of Donald Trump’s inauguration. The asset is poised to be among the biggest gainers on the institutional front. This comes after the asset traded in the woods for the last three years due to a Securities and Exchange Commission’s (SEC) lawsuit.

Trading below $1, whales dumped tokens as sentiments plunged. However, Trump’s victory led to a meteoric rise in market capitalization and trader activity. The asset outperformed Tether’s USDT to become the third-largest crypto asset after its market cap surpassed $175 billion. Inflows continue to trickle in, with bulls projecting higher prices. 

After reclaiming $3 for the first time since 2018, XRP is 12% below its all-time high. This ushered in fresh optimism across crypto spaces of trumping the mark this quarter. Digital asset analyst EGRAG Crypto projected a rally to $6.4 for the asset amid widespread community support. The last seven days have also shown huge whale accumulations and movements out of centralized exchanges.

XBT Liquidators set a higher price target between $27 – $30. “A lot of people calling for ridiculous price targets on $XRP. Here is a more realistic one. Price always respects high time frame gann fans. I.E. it hits the top of the fan, then the bottom, completing a cycle. It then runs to the top of the fan again. Target is $27-$30.”

Wider Market Follows XRP’s Trajectory

After days in the red zone, crypto assets have recorded huge gains as sentiments flip green. The total crypto market cap stands at $3.5 trillion, a 4.4% surge today alongside similar growth in trading volumes. Bitcoin’s price moves closer to $100K after a 2.6% growth, while Ethereum snatched a higher 4.81% inflow.

Altcoins like Solana and Cardano saw a spike in trader activity and DeFi volumes. Both assets also picked up gains based on institutional interest. While the SOL price moved up 7% today, ADA gained 3% in the same period.