Ripple (XRP) hits massive milestone after 13% daily surge.

TL;DR

XRP posted a substantial price increase in the afternoon, becoming the sixth largest cryptocurrency by market capitalization. Bullish analysts believe there is more fuel for further gains, and are predicting a rise to $20. Climb the cryptographic ladder

Ripple’s XRP has broken out in recent days, with its price up more than 40% on a weekly basis. It has risen roughly 14% (CoinGecko data) in the past 24 hours, breaking the $0.61 mark for the first time in over three months.

XRP Price, Source: CoinGecko

The asset’s market capitalization topped $34 billion, a level last seen in early April. Thus, XRP reversed Lido Staked Ether (STETH) and USDC (USDC) to become the sixth largest cryptocurrency. Fifth place belongs to Solana (SOL), whose market capitalization currently stands at nearly $75 billion.

CryptoPotato reported earlier today that XRP’s rally coincides with the broader rise in the digital asset market and the resurgence of some important indicators that are part of the Ripple ecosystem. Examples are the total number of executed transactions and the average number of transactions per ledger, both of which rose to six-month highs.

The price surge could also be attributed to growing expectations that the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) could officially end in the coming months. US Attorney Fred Rispoli speculated that a settlement could come as soon as this month, while Jeremy Hogan believes the dispute is more likely to be concluded before the end of the summer.

The odds of another XRP rally

Crypto X is full of analysts who noted the impressive performance of the asset, who predict additional gains in the near future. Nebraskangooner, an X-user with nearly 350,000 followers, claimed that XRP has formed “a nice channel” at resistance in the past year, predicting a possible break to $1.

For its part, EGRAG CRYPTO predicted a rise above $0.75 if the price breaks above $0.65. “Anything below 0.75c is just market noise,” the analyst added.

Crypto Michael and Armando Pantoja were much more optimistic. Yesterday (July 16), the former argued that XRP could become “one of the biggest bombs of the year” once it breaks the major resistance level of $0.56. The price broke through the zone represented a few hours after the prediction.

Armando Pantoja predicted a rise towards a whopping $20, based on the recently formed historical pattern on the XRP price chart – the Bollinger Band. Tightening the width of the tool bands is usually a precursor to violent movement in any direction.

“XRP has one of the tightest monthly Bollinger band squeezes in its history and in all of crypto right now. The last time it tightened like this, it shot up 60,000%,” said one user on X last week.

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