XRP Becomes Third Largest Cryptocurrency with $139 Billion Market Cap
As the market enters 2025, XRP has shown a strong start, experiencing an 11% increase in value to approximately $2.42, a level not seen since late 2024's price correction.
Analysts Predict XRP Could Reach $5.85 As Market Confidence Grows
XRP is currently the third-largest cryptocurrency by market capitalization at around $139 billion, surpassing Tether (USDT) with a market cap of $137 billion, according to CoinGecko data. The recent price rally is partly attributed to a shift in market sentiment following President Donald Trump's election on November 5, which has revitalized confidence in the digital asset industry and increased buying activity across the crypto market.
Crypto analyst DarkDefender noted XRP's impressive price trajectory, observing that after hovering around $2.11, it broke through initial resistance at $2.22 and reached up to $2.44. He identified $2.42 as a critical new support level. If XRP breaches the $2.67 to $2.72 range, it could target a significant upward movement towards $5.85, representing a potential 141% increase from its current price.
Elliott Wave Theory Points To Potential $10 Target
Analyst CryptoinsightUK suggests that if XRP follows a measured move similar to its previous price leg, it could exceed $10. Utilizing Elliott Wave Theory, he posits that entering a "wave 3" scenario could lead to substantial price movement. Many investors are targeting the $8 mark, which he considers reasonable based on various metrics.
Overall, XRP's strong start in 2025 and shifting market dynamics indicate a potential significant shift in the cryptocurrency landscape. Political changes and renewed market confidence may foster growth for XRP and the broader cryptocurrency market.
Currently trading at $2.42, XRP shows a 2% increase over the past 24 hours, while trading volume has decreased by almost 42%, totaling $5.6 billion.
Featured image from DALL-E, chart from TradingView.com