Ripple's XRP Token Surges to $0.55 in the Past 24 Hours

It mirrored Bitcoin's (BTC) advance as the premier cryptocurrency breached $66K during the timeframe.

XRP price mirrors Bitcoin’s rally as key events eyed for $1 target

input: XRP price mirrored Bitcoin’s (BTC) advance and surged to $0.55 in the past 24 hours. Meanwhile, the premier cryptocurrency breached the $66K mark during the mentioned timeframe.

As Bitcoin price continues to rally toward new all-time highs, XRP price also surged by over 8% to trade above $0.54 on Monday. The token price exhibited a close correlation with BTC, especially after it began its latest leg-up from the $40 range in October.

Now that XRP price is attempting to rally toward the $1 mark, several key events are in the crosshairs of analysts, which could potentially propel XRP to a dollar. At this rate, it would mean an over 80% rally for the token to retain the price it lost since 2021.

XRP Dominated Past Gains, Remains Undervalued Now

Interestingly, XRP price dominated the market in terms of gains from 2017 to 2018. Back then, it exhibited over 60,000% rise on the way to an all-time high of $3.84.

In its heyday, XRP became the third most dominant cryptocurrency in terms of market value. Today’s top remains a far cry from those figures. The digital asset needs to rally by more than 598% to match them.

Despite the considerable advances of Ripple in terms of institutional adoption, XRP has shown so little movement. So far, its highest in the one-year range was at $0.74.

For many analysts, this was quite peculiar for a digital asset backed by the XRP Ledger (XRPL) technology with a lot of potential in cross-border payment. As we previously discussed, there have been conflicting rumors about the Society for Worldwide Interbank Financial Telecommunication’s (SWIFT) plans to integrate XRPL into its ecosystem to drive efficiency by significantly reducing fees, enhancing security, and speeding up transactions.

On the other hand, there have been speculations that Ripple may be gearing up to introduce a possible competition to SWIFT. Either way, these go on to show the massive advantages offered by XRP’s underlying technology in international trades and payments. Unfortunately, the token’s current price does not reflect its actual utility or value.

output: Key Events In Focus As XRP Price Mirrors Bitcoin’s Rally Toward $1