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    Ripple (XRP) Crosses $3.2: Is a $10 Price Target Within Reach This Cycle?

    Image Source: Paparacy / Shutterstock

    It’s worth noting that just a short time ago, XRP’s price was a modest $2.1. Since then, the cryptocurrency has experienced a remarkable rally, unscathed even by the recent market downturn on Monday.

    In recent days, the third-largest cryptocurrency has shown astonishing growth, climbing from $2.3 on Monday to $3.2 earlier today. This upswing represents an increase of nearly 40% within just over three days and reached a peak not seen in seven years.

    Currently, XRP has slightly retreated to below $3.1, but it remains 9% higher for the day and up more than 30% compared to the same time last week. This impressive increase followed the announcement of the US Consumer Price Index data yesterday, which contributed to the upward momentum of many cryptocurrencies. Nevertheless, XRP’s performance stands out significantly.

    The rally began last week after reports emerged that XRP whales had invested over $2 billion to acquire roughly one billion tokens in just 48 hours. The situation has only improved since then, particularly with the rising use of the XRP network for large-scale transactis.

    Even the recent appeal by the SEC in their ongoing legal battle with Ripple has not affected XRP’s upward trend. Additionally, analyst Ali Martinez has predicted a substantial price target for the asset, suggesting a possibility of reaching $10.

    Following his insights on whale accumulation, he noted that the token has broken out of a bull pennant formation, which often indicates a sustained rally ahead. He concluded that if buying pressure maintains its current pace, XRP’s price could triple.

    Image Source: Paparacy / Shutterstock

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