Key Insights:
- XRP price surged more than 4% today and neared the $2.4 mark.
- The surge comes as newly created wallets bet aggressively on the asset.
- Analyst hints at a potential Ripple coin price rally to $5 amid the ongoing developments in the market.
XRP price has recorded a significant surge and soared near the $2.4 mark today, recovering from a local low of $2.08. This suggests that the investors are regaining confidence in the asset, which might help in a continuing rally for it.
The renewed interest is also evidenced by the latest accumulation trend, showing that new wallets are betting aggressively into the asset. In addition, this has also led to bullish forecasts, with a renowned analyst hinting at a rally to $5.
On the other hand, the latest partnership and investment announcements of Ripple have further bolstered sentiment. So, here we explore the latest buying trend and see how the latest developments can help in a strong rally for XRP price.
XRP Price Soars Amid New Wallets’ Bet
XRP price has recorded a surge of over 4% today and traded at $2.33 during writing, but its trading volume fell 42% to $6 billion. Notably, the crypto has touched a 24-hour high and low of $2.39 and $2.21, respectively.
The surge in the crypto could be attributed to aggressive bets from newly created wallets, according to on-chain data. For context, on-chain analytics platform Santiment recently noted that users who bought the dip have enjoyed a 12% jump in the past 24 hours.
Meanwhile, Ripple Ledger data reveals a significant spike in new wallet creation, with 21,595 new XRP wallets created in a 48-hour span. It marks the highest level of growth in 8 months, Santiment noted.
This influx of new wallets suggests renewed interest and confidence in XRP price. As investors regain their confidence, the surge in new wallets could be a key catalyst for the short-term price momentum of the asset.
Major Developments of Ripple Fuel Optimism
The latest developments of Ripple, the firm behind the XRP token, have further fueled optimism about a continuing rally in XRP price. In a recent X post, Ripple CEO Brad Garlinghouse announced a significant investment of $500 million from prominent firms.
The investors include Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy, Brevan Howard, and Marshall Wace, valuing the company at $40 billion.
This investment validates Ripple’s growth strategy and business built on the XRP foundation. This reflects the company’s confidence in the future of crypto.
Garlinghouse lauds the team’s accomplishments and hints at more developments to come. Besides, Ripple has also partnered with Mastercard, WebBank, and Gemini to introduce RLUSD settlement on the XRP Ledger for fiat credit card payments.
What’s Next for XRP Price?
As XRP price records a significant recovery, analysts are hinting at a potential run to $4 or even $5. For context, in a recent X post, analyst Javon Marks said that Ripple coin price is poised to hit $5.76, highlighting the $2.34 as a critical support.
In addition, he noted that the rally could extend to $9.73 if the bulls remain in control. On the other hand, analyst CRYPTOWZRD noted that $2.35 marks a key support for XRP price, and the next resistance lies at $2.75.
He noted that if Ripple coin successfully breaks through the resistance, it could rally to $3.15 or even $4 in the near future.
Considering soaring bets from new wallets, major developments of Ripple, bullish analyses, and XRP ETF approval, it appears that XRP price might continue to witness an upward momentum ahead.
However, the broader market sentiment might also impact the asset’s performance. So, investors should consider the fundamental aspects before putting their bets.