XRP now achieves highest weekly cost in three years after surging above $1as bullish momentum swells.
It has achieved its highest weekly close in three years, driven by a surge in bullish momentum within the XRP Ledger ecosystem.
Between a broader market consolidation following Bitcoin’s rise above $93,000, XRP distinguished itself by climbing 105% over the past week to surpass the $1 mark.
This significant upswing allowed XRP to reclaim its position ahead of Dogecoin in the cryptocurrency rankings.
Currently, XRP holds a market cap exceeding $65 billion, marking its largest value in three years.
Market analyst Cryptoes highlighted this milestone on social media, noting that XRP reached its highest weekly close since 2021.
Just a week ago, XRP was trading around 50 cents but gained traction due to positive macroeconomic factors, breaking through multi-year resistance levels to hit a weekly high of $1.26 on November 16, before closing at $1.0545.
XRP’s recent performance has boosted its monthly and yearly gains to 116% and 97%, respectively, making it the top performer among the top 20 cryptocurrencies in the past week.
Looking ahead, discussions about potential price targets for XRP are gaining momentum.
Analyst Egrag has suggested a bold target of $17 based on the “Bent Fork” theory, while another analyst, Steph, forecasts a target of $14, citing tightening Bollinger bands and XRP’s correlation with global liquidity.
Other analysts propose targets of $5, $8, and $11, driven by optimistic regulatory developments in the U.S. and the potential resolution of Ripple’s case with the SEC.
As of now, XRP is trading at $1.12, reflecting a 14% increase in the last 24 hours.
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