Ripple’s XRP has reached the price of $1.69 as of press time, which is the highest value of the coin in 42 months. This rally also saw the coin surpass Binance Coin (BNB) regarding its market cap. Currently, XRP occupies the fifth position in the ranking by market capitalization, which is equal to $96.16 billion, and BNB is in sixth place with a capitalization of about $94.95 billion.
Whale activity has also risen significantly, leading to rising XRP prices mainly because whales buy and sell cryptocurrencies. On Friday this week, in an X post, Whale Alert identified a transfer of 104,392,571 XRP, equivalent to $167 million, from two unknown wallets. This shows the increasing demand for XRP by institutional investors or the ‘whales,’ which has boosted the token’s price.
As per the Elliott Wave Theory, XRP can move into the third wave of its price cycle, which is the longest and strongest. Such a trend may continue and lead to an even higher surge in the XRP price. XRP previously traded above $1.00 and consolidated at $1.30, completing the first two waves. The current movement signals the beginning of the third wave.
In an X post on Friday, analyst Egrag Crypto notes that the price has been rejected by a major trend line, the Sky Dome, which began in May 2017 and July 2023. Once XRP jumps past this level, the analyst believes the token will surge, entering what they describe as “space expansion.” Egrag has adopted the goal of achieving a double-figure market share for the XRP.
Ex-CFTC Chair Predicts SEC Will Drop XRP Case Under TrumpDue to its steadily rising market dominance, XRP’s performance remains in the spotlight. The heightened whale movement and the growing investor confidence are good signs for the token’s future. If this continues, XRP will be able to rise to the ranks and become one of the leading players in the cryptocurrency market.
