XRP Breaks Records: 300% Surge and $3 Resistance Looms
- XRP has surged 300% in 30 days, boosted by RLUSD stablecoin approval.
- Social dominance climbed 52%, while sentiment remains neutrala bullish indicator.
- Analysts predict a potential breakout to $3, with some targeting $20.
XRP has been on a tear, surging over 300% in the past 30 days. Yet, one key metric suggests this rally may still have legs.
Data from Lunar Crush reveals that XRPs social dominance has nearly doubled in the last 24 hours. The metric climbed from 3.85% to 5.85%, reflecting increased discussions about the token across social platforms. Such spikes often signal rising investor interest. Unlike some hype-driven rallies, sentiment around the token remains neutral, signaling a potential foundation for sustained growth rather than a bubble waiting to burst.
This surge in social activity aligns with the New York Department of Financial Services approval of Ripples RLUSD stablecoin. The RLUSD is poised to enhance liquidity and bolster the XRP Ledgers DeFi ecosystem, both critical factors that could propel the token further.
XRP Analysts Eye New Highs
The optimism surrounding XRP extends to analysts. Christopher Jaszcynski, a Bitcoin advocate, predicts that the token could break past $3 for the first time in seven years if it conquers the $2.6 resistance. Meanwhile, pro-Ripple analysts like BarriC envision even loftier targets, speculating the token could soar to $20 in one rapid move.
However, cautionary voices also exist. Trader IncomeSharks warns of potential profit-taking as the token forms a lower high on the daily candle chart. For now, the market remains at a crossroads between exuberance and prudence.
Key metrics highlight XRPs growing potential. Social dominance has surged by 52%, indicating increased discussion and potential bullish momentum. The neutral sentiment score suggests the asset has room to grow without being overhyped. Analysts identify $2.6 as a critical resistance level, with projections of $3 and even higher targets in sight.
Read more: https://www.tronweekly.com/xrp-break-record-300-surge-3-resistance-looms/
Text source: TronWeekly
