XRP price has surged 80% in one week, breaching $1 for the first time in three years. Its market capitalization climbed as high as $61.4 billion, pushing it over Dogecoin into the seventh position among digital assets.
The surge came on strong whale activity and fresh hopes of clarity on regulations that saw a resurgence of investor confidence in the future of the cryptocurrency.
This Saturday, XRP touched a high of $1.26, the highest since November 2021. Per data compiled by Sentiment, whale wallets holding 1–100 million XRP have accumulated more than 453 million tokens, which is $526.3 million. Meanwhile, retail traders have sold off 75.7 million tokens valued at $87.9 million, reflecting a possible shift in market dynamics.
XLS-66d and ETF Speculation Bolster XRP’s Ecosystem
Key developments in the XRP ecosystem, such as that of decentralized lending, are pushing the price upward. This includes major upgrades like the implementation of the XLS-66d amendment, which has made this all possible on XRPL. Decentralized lending allows users to conduct financial transactions without any intermediaries, further increasing functionality toward making XRPL more attractive for institutional investors.
Institutions are about to flood the XRPL with loan activities, said WallStreetBulls (@w_thejazz), as he emphasized why the amendment would drive larger players to the ecosystem. This upgrade places XRPL in a good position to compete with other blockchain networks in the DeFi space, where liquidity and user adoption remain important drivers.
Speculation regarding the approval of an XRP-based ETF has also driven extra optimism. According to analysts, such an ETF would present a regulated path for institutional investors to dive into the XRP market, which could drive demand higher. An eventual XRP ETF is seen as a game-changing catalyst for the asset’s price action.
Analysts Highlight XRP’s Future Price Potential
CryptoBull (@CryptoBull2020) is a highly regarded cryptocurrency analyst and laid out XRP’s price targets against recent performance. The analyst pinpointed that $1.28 is a vital resistance level; if this level is breached, there could be strong gains.
When it breaks $1.28, the next levels are $1.96 and $3.84,” CryptoBull added, this being an important zone for future gains. Should that happen, it would open the route for XRP toward testing and maybe breaching its all-time high of $3.84 back in early 2018.
Analysts say that growth is likely to be headlined by the expected approval of an XRP ETF, which could send XRP into a range of $15–$20 on the back of a wall of institutional money.
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