The native Ripple token is currently trading at $0.5206, which represents an 8.1% increase in its value over the last 7 days, according to CoinMarketCap, with most of this increase occurring in the last 24 hours.
The boost experienced by XRP generates enthusiasm among its followers and investors. On the other hand, the bullish phenomenon was expected by many, who pointed to a favorable outcome for Ripple in the lawsuit it has been facing with the U.S. Securities and Exchange Commission (SEC) since 2020.
This judicial instance ruled in favor of Ripple’s CEOs, and shortly after, the results were reflected in the markets with a sudden 5% increase for XRP.
The token had gone through two challenging weeks in October. During this period, it had fallen by nearly 11% from the fourth day of the month to early Thursday the 19th when it began its climb to the current value, which is the highest in the last 90 days.
On the other hand, the market capitalization of XRP rose by 6.89% and is close to reaching $28 billion. Meanwhile, the volume in the last 24 hours reflects an impressive increase of 135.4%, reaching $1.9 billion.
How Far Can XRP Go?
In the lead-up to the trial’s outcome, there were various speculations about XRP’s future and how far it could ultimately climb in the times ahead. Ripple analyst Egrag Crypto posted on X (formerly Twitter) his prediction for the token, suggesting it could reach up to $27. To arrive at this previously unprecedented value in the cryptocurrency’s history, he based his analysis on Elliott Wave theory.
#XRP Aiming to $27 – Wave 1 inside Wave 3 🌊:
Diving into the Elliott Wave Theory as we explore the potential for #XRP to reach $27! 🚀In Elliott Wave Theory, usually Wave 3 is a game-changer.
Key Facts about Wave 3 characteristics:
A) Wave 3, emerges as the trend's dominant… pic.twitter.com/CjMxZFNwXt— EGRAG CRYPTO (@egragcrypto) October 16, 2023
Beyond the analysis presented by the Ripple maximalist, such optimistic predictions faced strong criticism.
According to CoinMarketCap, XRP currently holds the fifth position in market capitalization and the seventh in terms of volume. However, it still remains 85% below its all-time high reached on October 4, 2018, when it achieved a price of $3.8. We will have to wait for future developments and closely monitor its evolution.
