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Benzinga
Benzinga
Aniket Verma

XRP Trades Higher On Crypto Market Rebound — Analyst Sets Price Target At $7

XRP Crypto Cryptocurrency
Coin,Cryptocurrency,Ripple,On,The,Background,Of,A,Stack,Of

XRP (CRYPTO: XRP) is trading higher late Wednesday, spurred by broader cryptocurrency momentum and a strategic partnership.

XRP Reclaims $3

The third-largest cryptocurrency by market capitalization rose more than 2% higher in the last 24 hours, reversing the downsides from the day before. XRP reached an intraday high of $3 before reversing to $2.97.

Crypto King, a widely followed cryptocurrency investor and researcher, drew attention to the coin's 585% return from a November 2024 breakout after an extended downtrend, and this year's 70% post-July surge after being sluggish in the first two quarters. 

"The real bull run has not even started yet, and we are already seeing big gains. My target is $7.00," the analyst projected.

See Also: Would You Take Your Salary In Crypto? 75% Of Gen Z Say Yes

Derivatives Traders Bet On XRP’s Rise

Speculative interest spiked, with funds locked in XRP's derivatives rising by 1.80% in the last 24 hours, according to Coinglass.

Meanwhile, the majority of Binance traders with open XRP positions were long as of this writing, according to the Long/Short ratio.

What Worked For XRP?

BDACS, South Korea's leading digital asset custodian, launched institutional custody for XRP and Ripple's dollar-backed stablecoin Ripple USD (CRYPTO: RLUSD).

The broader rally in the cryptocurrency market, spurred by risk-on sentiment, also added to XRP's momentum.

Price Action: At the time of writing, XRP was trading at $2.97, up 2.28% in the last 24 hours, according to data from Benzinga Pro.  

Read Next: 

Photo Courtesy: Stanslavs on Shutterstock.com

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