XRP Surges to Three-Year High Weekly Close

Driven by bullish momentum, XRP has achieved its highest weekly close in three years.

Amidst a broader market consolidation following Bitcoin's surge, XRP surged 105% over the previous week, surpassing the $1 mark. This uptrend enabled XRP to regain its position ahead of Dogecoin in the cryptocurrency rankings.

Currently, XRP holds a market capitalization exceeding $65 billion, its highest value in three years.

Crypto analyst market analyst Cryptoes highlighted this milestone on social media, noting XRP's highest weekly close since 2021.

XRP, which traded at around 50 cents a week ago, gained traction due to positive macroeconomic factors. It broke through multi-year resistance levels to reach a weekly high of $1.26 on November 16th and closed at $1.0545.

XRP's recent performance has boosted its monthly and yearly gains to 116% and 97%, respectively, making it the top performer among the top 20 cryptocurrencies in the past week.

Discussions about potential price targets for XRP are gaining momentum. Analyst Egrag suggests a target of $17 based on the "Bent Fork" theory, while analyst Steph forecasts a target of $14, citing tightening Bollinger bands and XRP's correlation with global liquidity. Other analysts propose targets of $5, $8, and $11, driven by optimistic regulatory developments in the U.S. and the potential resolution of Ripple's case with the SEC.

As of now, XRP is trading at $1.12, reflecting a 14% increase in the last 24 hours.