Backed by Ripple Labs, XRP has grown into a respected utility-based digital asset with a vibrant ecosystem. Listed on almost all top-tier cryptocurrency exchanges and decentralized finance platforms, XRP is among the top 10 most valuable cryptocurrency assets by market capitalization.
According to the latest market data, XRP’s fully diluted value is approximately $58 billion, with average daily trading volume of approximately $900 million, with a market cap-to-volume ratio of 2.81%, suggesting healthy liquidity.
Next steps in XRP price action
According to Crypto Rover, a popular digital asset analyst on several social media platforms, XRP price is rapidly approaching a macro peak, which will result in an imminent bullish breakout. Crypto analysts expect the XRP rally to be brought under control in the next two months. Additionally, the support level around 54 cents provided a clear psychological boost to XRP buyers.
Since hitting the cryptocurrency bear market bottom of around 30 cents in June 2022, the price of XRP has been on a gradual upward trend. Additionally, XRP price has been forming higher highs and lows on daily and weekly time frames, which is characteristic of a rising channel. As a result, XRP price needs to rise by 75 cents in the near term to maintain the bullish macro outlook.
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Alt season narrative
XRP bullishness has been further strengthened by rising speculation about the upcoming altcoin season, especially after Bitcoin price reached major resistance around $49,000 last week. Already, some top-rated altcoins such as Ethereum (ETH), Solana (SOL), and BNB have shown early signs of an impending bullish trend in the coming months.