It was just days ago when we were speculating whether Ripple’s cross-border token would decisively lose the $1.00 support and how low it could go. Analysts outlined the first targets, ranging from $0.90 down to $0.60.

The situation changed, though, in a very impressive manner. Bitcoin skyrocketed and took the entire market with it. Interestingly, XRP took the main stage yesterday, and it rocketed to $1.30 for the first time in months, after gaining 30% from that low. Here’s what analysts are saying now.

Who Is Driving The Run?

The most obvious answer comes from whales. As reported yesterday, this highly vital part of every token’s ecosystem went on a tear, accumulating more than 300 million tokens in 96 hours, leading to a massive price explosion to $1.30. Before that, they had scooped up another 72 million coins at the end of last week in just a day.

Data shared by Vincent Van Code on X confirms this narrative. The market observer outlined “what is REALLY going on” within the XRP ecosystem, indicating that 53% of all sizeable buy orders were from LARGE players, followed by 35% from medium traders, and small investors accounted for just 12%.

As such, Van Code concluded that “retail is not the driving force of this rally. This is great news.”

The spot XRP ETFs were also in the green for three consecutive days, but the actual inflows are still quite modest compared to what they were in November and December last year. As such, they are probably not the main driver of this recovery.

What’s Next for XRP?

The mind-blowing 30% rally in days has given analysts the confidence to make some major predictions. Crypto Patel outlined a scenario in which he envisions XRP skyrocketing to $10 and noted that it doesn’t sound crazy.

Back in 2017, when the token stood at $0.006, people believed reaching $3 was impossible. Yet, it did it a year later. In 2023, he noted that the majority was against XRP again, calling it dead. Then it posted a massive surge from $0.50 to $2.60 in a month or so. As such, he concluded that the $1.00 dip served as an accumulation zone and “$10-$20 is absolutely on the table.”

Mikybull Crypto predicted that “XRP is about to pull a god candle after this Ichimoku cloud retest,” while CW said the asset has broken through a major resistance level after ending the long downtrend. They noted that the token has begun a “full-fledged uptrend.”

Source: CryptoPotato