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

XRP XRP/USD is trading higher late Wednesday, spurred by broader cryptocurrency momentum and a strategic partnership.

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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.

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 RLUSD/USD.

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.

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