Ripple (XRP) Claims Top Spot in Prestige Ranking After Recent Price Rally – Details

TL;DR

The price of XRP hit a 7-year high of nearly $2.90 amid optimism about its use in banking transactions, ETF speculation and bullish predictions. Experts predict that the asset could reach $4 and $8 soon, with some predicting that its market capitalization could exceed $500 billion. XRP grabs the headlines

The cryptocurrency sector experienced a substantial renaissance in the past 24 hours, with a global market capitalization once again surpassing $3.5 trillion. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA) and many more leading digital assets are well in the green today (January 15), but some are leading the pack with double-digit price spikes.

A notable gainer is Ripple’s XRP, whose valuation recently hit a 7-year high of nearly $2.90. The price is currently around $2.88 (according to CoinGecko data), which represents a 14% increase on a daily basis.

XRP Price, Source: CoinGecko

Along with its significant rise, XRP became the biggest trending cryptocurrency on January 14th. According to Santiment, the reasons behind the buzz surrounding the asset are increased optimism about its potential use in banking and financial transactions, bullish predictions of a new rally, and XRP ETF speculation.

The platform’s research estimated that the second most trending cryptocurrency is Ethereum (ETH). The interest is allegedly fueled by the introduction of Soneium (an Ethereum layer 2 blockchain solution developed by Sony).

“There are multiple transactions involving significant amounts of ETH, highlighting active trading and investing throughout the Ethereum ecosystem,” Santiment added.

Other cryptocurrencies that have caught the attention of industry participants recently include Bitcoin (BTC), Kaspa (KAS), and Peanut the Squirrel (PNUT).

XRP points to fresh peaks

As mentioned above, numerous analysts believe that the price of Ripple’s native token could reach a new all-time high as early as this year. User X CRYPTOWZRD recently claimed that the asset has “inverted previous resistance at support” around $2 and is now poised to rise to $4 and then $8. They said this scenario would mirror the pre-bull run in 2017 and the subsequent rally the following year.

Veteran trader Peter Brandt also chimed in. He recently laid out multiple bullish forecasts, assuming that XRP’s market cap could explode above $500 billion. This pump would result in a price increase of almost $9.50.

It’s worth mentioning that Brandt has been mostly anti-XRP for the past few years. Earlier this month, however, he apologized for his stance and wished the Ripple community well.

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