Ripples XRP Explosion Above $6 Price In The Cards As On-Chain Metrics Show Crazy XRP Momentum
A crypto trader has projected a bull case for XRP above $6 in 2025 amid recent accumulations. These inflows marked by institutional and retail interest have pushed the altcoin past several resistance levels. Jacob Canfield revealed on X (formerly Twitter) that the price of the asset is set for new highs based on on-chain analysis.
He explained that considering Fibonacci extensions to project the tide, XRP will soar to $6.6, a figure two times the previous all-time high. In 2017, XRP hit an all-time high at $3.4 but experienced weak sentiments over the years. The United States Securities and Exchange Commission (SEC) lawsuit on Ripple and two executives led to a reduced rally, with the price trading below $1.
The only difference between this $XRP move and those in the past is the price of Bitcoin is 5X higher than it was in 2017. If we use Canfield Fibonacci extensions to give us an idea of where this move may take us, it would be at the 11.09 fib extension. This would put the price around $6.60, exactly 2X the value of its previous high, Canfield wrote.
According to Canfield, this price will also become the ideal FOMO target amid high buys from institutional clients. While XRP whales remain present, crypto users shared mixed reactions to the price projection. As expected, the XRP army agreed with the move, citing upcoming positive regulations in the United States.
Recently, Ripple CEO hinted that the resignation of outgoing SEC chair Gary Gensler played a key role in the rise of XRP. On the other hand, some crypto users say the projection is a huge leap from present market expectations.
XRP Price Action
At press time, XRP trades at $2.41, a 4% drop from previous highs, while weekly and monthly numbers remain in the green zone. Last week, XRP price soared on the back of institutional accumulation, and retail volume was also on the rise. The assets market cap soared past $140 billion, flipping USDT to become the third largest crypto asset.
Meanwhile, XRP Ledger lowered its minimum requirements from 10 XRP to 1 XRP. The move which drops the bar by 90% ($25.6 to $2.56) seeks to increase adoption from small-scale holders. This can add to its recent growth with more assets after lowering the price barrier.
Text source: ZyCrypto
