In a stunning move, the most popular token for cross-border payments, XRP, registered itself as the third-largest token, surpassing the $100 billion market cap before the month-end. The token surpassed giants like Solana, BinanceCoin and Tether, indicating strong bullish momentum towards the crypto. Multiple factors have driven the XRP price rally, such as legal optimism, ETF speculation, and a surge in trading activity, especially on South Korean exchanges.
Additionally, whale movements have reached a peak, with billions of tokens being transferred here and there and another billion being unlocked. According to Whale Alert data, more than 2 billion XRP tokens have been unlocked from Ripple’s escrow in the last 24 hours.
Furthermore, over a billion XRP have been transferred from other unknown wallets to Ripple and exchanges like Binanace & Upbit. Unlocking the escrow is a planned event to manage supply and support the ecosystem, which historically has not caused major disruptions within the market, but does cause XRP price volatility. The price has risen 300% in recent days, regardless of the choppy behavior of other popular tokens such as Bitcoin or Ethereum.
Now that market participants have turned bullish on XRP, the question arises whether the price will mark a new ATH at $5 before the end of 2024.
The recent price action suggests that the price has gained enough momentum and volume is pushing above $28 billion, 18% more than the 2021 bull run volume. This indicates that the bulls have shifted their focus on the token, and there is therefore a new ATH could be imminent.
The monthly chart of XRP price offers a ‘Dejavu’ moment as it underwent similar price action. After some long-term accumulations, the price has staged a breakout, and therefore the outcome is expected to mirror the previous rally as well. With this, the possibility of the XRP price reaching a double-digit figure and reaching the first pit stop of $11 seems very feasible. However, it appears to be an intermediate target as the real bull run to $30 could be successful if the XRP price follows the previous pattern, marking the top of the ongoing run.
