TL;DR
- XRP’s market cap hit $96.5B, with analysts predicting potential highs of $10 – $13 if momentum continues.
- Nonetheless, the token’s RSI at 72 suggests it may face a short-term pullback.
Ripple’s XRP has been the talk of the town in the past month, with its price jumping by over 200%. Earlier today (November 29), it pumped to a three-year high peak of almost $1.70.
Its market capitalization spiked to $96.5 billion, thus flipping Binance Coin (BNB). XRP is currently the fifth-largest cryptocurrency, trailing behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL).
Somewhat expectedly, the rally has fueled a huge enthusiasm across the XRP army and popular analysts. Mikybull Crypto predicted a cycle top of $10 if the price surpasses $2. Cryptoinsightuk was even more bullish, speculating that XRP could exceed $13 in the near future.
As CryptoPotato recently reported, there are many factors which have potentially triggered the surge. Gary Gensler’s departure as Chairman of the US SEC and the increased rumors of the launch of Ripple’s stablecoin are some examples.
Despite the overall optimism, one on-chain metric suggests that XRP might experience a correction in the short run. This is the Relative Strength Index (RSI), which measures the speed and change of price movements.
It varies from 0 to 100, and ratios above 70 signal that the asset has entered an overbought territory, meaning it might head south soon. Conversely, readings below 30 are viewed as a buying opportunity.
Currently, XRP’s RSI is in the bearish zone of approximately 72.
