XRP, the native token of the Ripple ecosystem, surged 7.5% in the past 24 hours, trading at $0.643, a level not seen since April. This rally pushed XRP’s market cap over $36 billion, with a daily trading volume of $2.9 billion.
Crypto trader Tony Severino highlighted a “mega breakout” signal from XRP’s Bollinger Bands, reminiscent of the 60,000% rally in 2018. However, a similar surge seems unrealistic given current market conditions.
Data shows 87.32% of XRP supply is in profit, raising concerns about potential profit-taking. Whale transactions over $100,000 jumped from 526 to 811 in 24 hours, indicating increased activity.
Despite the bullish trend, XRP’s RSI at 69 suggests it’s overbought, signaling a possible correction. Long-term forecasts predict XRP could reach $1.18 by 2025 and $500 by 2050.
