XRP has received a significant capital injection in the past week. More than 14 billion dollars flowed into the market, causing analysts to once again speculate on a possible price target of 15 dollars.
Broad Market Rally Pushes XRP Up
The market value of XRP has increased from $146 billion to $160 billion in the past week. This jump follows a price gain of 7.6 percent, bringing the price to around $2.66 at the time of writing. In the past 24 hours, the price rose slightly by 0.8 percent.
Not only XRP is on the rise. The entire crypto market is showing recovery, and the global stock markets are also turning green. Investors are reacting optimistically to reports of a possible trade agreement between the United States and China, which could be finalized in the short term. This rapprochement reduces geopolitical tensions and stimulates risk appetite in the market.
Monetary policy also works in favor of crypto. The US central bank will make a new interest rate decision on Wednesday. Last month, the Fed cut interest rates by 0.25 percentage points for the first time this year, and it seems almost certain that another cut will now come. Cheaper borrowing means that more money is in circulation – and therefore more capital is available to seek returns, including in crypto.
In addition, there is a growing chance that an American XRP ETF will soon be approved. That decision has been postponed for now due to the government shutdown in Washington, but once it is resolved, analysts expect the SEC will quickly give the green light. Such a stock exchange fund could attract billions in institutional capital, which could significantly boost demand for XRP.
Analyst sees price target between $7 and $15
Analyst Mikybull Crypto also sees a positive outlook for XRP. In a recent post on He points to an upward channel in which XRP is currently moving. As long as sentiment in the market remains positive, he sees room for further growth.
XRP has been showing a steady rise since 2014, with the price breaking through important resistance zones several times. This trend continues smoothly this year too. If markets stabilize and demand for Ripple’s applications increases, this could provide new impetus, according to Mikybull.
If XRP indeed rises towards $15, the total market value would be around $900 billion – assuming a circulating supply of 60 billion tokens. This would bring XRP close to giants such as Bitcoin and Ethereum, and firmly establish itself at the top of the crypto market.
Source: https://newsbit.nl/14-miljard-dollar-stroomt-naar-xrp-koersdoel-van-15-dollar-komt-in-zicht/
