- XRP surpasses USDT with a $135B market cap, becoming the third-largest digital asset.
- Analyst Tony Edward predicts XRP price to hit $5-$8 this market cycle.
- XRP trades at $2.38 after surging 361% in 30 days, outperforming competitors like SOL.
The altcoin XRP has become the third-largest digital asset by market capitalization, surpassing Tether’s stablecoin, USDT. This has triggered bold predictions from the crypto community, but analyst Tony Edward, founder of the Thinking Crypto podcast, offers a more realistic outlook. On X (formerly Twitter), Edward predicted XRP will reach $5-$8 during this market cycle.
XRP currently trades at $2.38, up 25.67% in the past 24 hours, 62.48% in the last week, and 361.48% in the past 30 days. It has outperformed all its competitors, including Solana (SOL).
XRP boasts a market cap of $135 billion, according to CoinMarketCap, leaving USDT, BNB, SOL, and other tokens behind. While Edward predicts a $5 to $8 range, he acknowledges the potential for higher prices. However, he dismissed predictions of XRP reaching $589, $1,000, or even $10,000 to be unrealistic.
The Relative Strength Index (RSI) in the XRP daily chart below reads 93.60 which means that the bulls are overall in control of the price action and the altcoin is currently overbought. Such levels are often followed by a cool off, which can be expected in the short term..
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The line’s gradient suggests XRP bulls are attempting to stabilize the price above $2.
XRP’s Historic Price Action
XRP reached its all-time high of $3.84 about seven years ago. In 2018, it was the second-largest digital asset by market cap. But a June 2018 speech by William Hinman, then head of the SEC’s corporation finance division, declared Bitcoin (BTC) and Ethereum (ETH) non-securities. XRP’s exclusion from this list triggered a massive sell-off.
FOX Business journalist Eleanor Terrett explains that “Hinman emails” obtained in the Ripple lawsuit reveal some SEC officials disagreed with the speech, “worried about the implications it could have on the regulatory status of other cryptocurrencies.”
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