Analyst Says Speculation Triggered XRP 60,000% Rally to $3.84, Foresees Bigger Rally Fueled By Utility

In the wake of increasing support for XRP, the XRP community is eager to assess the potential value of this digital asset in the coming bull run.

In January 2017, XRP was trading at a mere $0.006361, but within 12 months, it skyrocketed to reach an all-time high of $3.84. This astonishing leap represented a remarkable growth of over 60,000%.

Good Morning Crypto (@3TGMCrypto) drew attention to this in a recent post on X. He stated, “Remember when XRP soared 60,000% in 12 months, from $0.006 to $3.84?”, adding that an interesting point to this.

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XRP reached its all-time high under speculation alone. Ripple was not as big as we see today and didn’t have innovative payment solutions and groundbreaking international partnerships.

He said, “That was pure speculation! Now, with stronger partnerships and real-world utility, the potential is staggering.” He is intrigued by the fact that XRP achieved this remarkable feat with relatively limited utility and adoption from banks and a smaller community of enthusiasts.

Given these factors, he is now speculating that XRP’s bullish trajectory in the upcoming bull cycle could be extraordinary, especially with increased interest from prominent financial institutions and a growing number of projects building on XRP Ledger (XRPL).

Recent Partnerships

As Ripple has been pushing back against the U.S. Securities and Exchange Commission (SEC) over the last few months with multiple victories, the company has also announced many big partnerships.

A notable one is the adoption of XRP by SBI Remit as a bridge currency for remittance into The Philippines, Vietnam, and Indonesia. Ripple also announced a partnership with Uphold recently. This partnership is strategic and aimed at enhancing liquidity for cross-border payments.

Read Also: Following This Prediction, Wall Street Veteran Anticipates XRP Price Reaction After Ripple Swell

Ripple’s cross-border payment capabilities significantly, letting the company offer fast and flexible payments worldwide. Ripple also has other partnerships in making, including the discussion with the Australian Freight and Trade Alliance (FTA), which could XRP to its members.

Meanwhile, Good Morning Crypto started a poll on X a few days ago, asking if XRP would reach a new all-time high in 2024. The poll showed favorable market sentiment for XRP, with an overwhelming 84% of respondents believing that a new all-time high will be recorded in 2024.

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