XRP price to $6.60 based on FOMO?
Whales and individuals bought more than $1.6 billion worth of XRP over the past month. According to one popular analyst, the XRP price could rise to the level of over $6 as early as 2025. At the time of writing, XRP has broken out to $2.68 and is up 83.30% over the past seven days.
Is XRP now suddenly alive again?
For a very long time, almost everyone in the industry thought the party was over for XRP. For seven years, the currency did practically nothing. It failed to reach a new all-time high in 2021, for example, while much of the market managed to do so.
Incidentally, it still hasn't succeeded today, as XRP's all-time high dates back to January 3, 2018 and stands at $3.84. So in that regard, it has been almost seven years since the XRP rate last set a new record.
In that sense, it is already special that people still have confidence in this currency. Thereby, in terms of development, not much has happened in those seven years.
The technology has not yet been massively adopted, and parties that work with it do so mainly in little things for testing. No large banks have yet completely switched to XRP for conducting international transactions, as was predicted in 2017/2018.
So this run up seems to be mostly one of hype and speculation.
XRP price target of $6.60
With the XRP price once again exceeding all expectations for a while, Jacob Canfield feels enough confidence to issue a sizable price target for the currency. Namely, he thinks XRP can rise by about another 100% from its old all-time high.
However, he also acknowledges that Bitcoin has far outperformed XRP over the past seven years. The Bitcoin exchange rate has surged 5 times over that same period.
According to Canfield, it is for this reason that XRP may rise to $6.60. However, he also thinks people should put price targets over $10 out of their minds for the digital currency.
Tony Edward, founder of the Thinking Crypto podcast, puts his price target for XRP in the range of $5 to $8. So in that regard, he seems to be thinking largely along the same lines as Canfield, and does not expect extreme things from XRP either.