Ethereum’s (ETH) Price Explosion, Ripple’s (XRP) Next Targets, and More: Bits Recap May 9

TL;DR

• ETH surged by 23% in 24 hours to over $2,400, sparking bullish predictions of $4K to even $25K.
• XRP jumped 9% daily to $2.40 amid optimism from the settlement between Ripple and the SEC, with analysts eyeing a potential breakout past $2.80 toward new all-time highs.
• PEPE skyrocketed by more than 50% weekly, hitting its highest price since January, boosted by whale accumulation and a revitalized crypto market.

ETH’s Impressive Comeback

The second-largest cryptocurrency, which has been among the biggest disappointments this cycle, finally managed to reverse the negative trend. In the past several days, Ethereum’s price has been going through the roof, and currently, it is worth over $2,400 (per CoinGecko’s data). This represents a whopping 23% increase in just 24 hours and the asset’s best daily performance since 2021.

Somewhat expected, the rally infused enthusiasm across the crypto community, and many analysts believe the current levels could mark the beginning of a major bull run. 

The X user Lucky recently predicted a jump towards $4,000 in the following months. Shortly after, the analyst with over two million followers on X claimed that “the sleeping monster is finally waking up” and “is aiming for greater moves.”

Other popular industry participants who gave their two cents on the matter include Merlijn The Trader and KALEO.

The former saw an analogy between Ethereum’s price chart in the past three years and that of bitcoin formed between 2019 and 2021 to forecast a price explosion to $12,000 by the start of 2026. For their part, KALEO envisioned an even more optimistic scenario:

“In a world where Bitcoin is heading to $500K+, $25K+ ETH almost sounds too bearish.”

What’s Next for XRP?

Ripple’s native token is also well in the green on a daily scale, albeit charting less substantial gains than ETH. As of this writing, it trades at roughly $2.40, a 9% increase for that timeframe.

Its resurgence could be attributed to the booming crypto market as well as the recent developments in the Ripple v. SEC lawsuit. Just recently, the two entities agreed to a $50 million settlement, potentially ending the years-long legal battle that began in 2020 over alleged unregistered XRP sales. 

According to numerous analysts, Ripple’s cross-border token seems well-positioned for a further pump in the short term. The X user CRYPTOWZRD thinks a possible breakout of the resistance at $2.80 could push XRP toward a new all-time high.

Ali Martinez chipped in several hours later, predicting that a rise above the $2.26 mark might ignite a jump to $2.60. As mentioned above, the price managed to surpass that zone. 

How’s PEPE Doing?

Last but not least, we will touch upon the frog-themed meme coin PEPE, which has been among the top performers in the past week. It is up 52% for that period and over 42% for the day, currently trading at its highest point since January this year. 

Some of the elements supposedly fueling its staggering surge include the revival of the digital asset market and increased whale activity. As CryptoPotato reported, a certain large investor recently bought 500B PEPE, rounding up their total holdings to 2 trillion tokens.