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XRP experienced moderate buying pressure last week, but analysts are now considering the token reaching an all-time high of $15.
XRP's current market cap is $156.78 billion, up from $146.17 billion a week ago, representing $10.61 billion in inflows. However, the token's price has fallen 0.6% over the past 24 hours.
XRP's current price movement is driven by several factors. First, traders are taking profits after the token outperformed Bitcoin (BTC) with a 30-day return of 5.31%. This has created short-term bearish pressure.
Secondly, the upcoming release of tokens from Ripple's escrow account in November, amounting to 1 billion tokens per month, is also triggering selling.
Furthermore, delays in the launch of six XRP ETFs due to the US government shutdown have dampened investor optimism.
Despite these objective difficulties, crypto analyst Mikybull Crypto believes that XRP may be preparing for the final phase of its growth cycle.
According to him, technical indicators suggest the asset may be heading toward a price range of $7 to $15. The ascending channel visible on the long-term chart suggests the potential for significant growth for XRP, provided the bullish momentum continues.
XRP Price Analysis Source: TradingView
If XRP rises to $15, its market capitalization will reach approximately $900 billion, putting it on par with leading cryptocurrencies like Bitcoin and Ethereum.