Analysts Rank XRP #2: A Bright Future Ahead of DOGE and Solana

In a recent evaluation by a respected crypto analytics firm, XRP has claimed the prestigious second spot among cryptocurrencies, trailing only behind the titan Bitcoin. This development aligns with a bullish outlook for XRP's price in the long run.

Kaiko, a prominent global data provider serving institutional players in the cryptocurrency space, disclosed its rankings for the third quarter of the year. Notably, XRP secured a tie with Ethereum (ETH) for second place, followed closely by fan-favorites Dogecoin (DOGE) and Solana (SOL).

To arrive at this ranking, Kaiko evaluates a multitude of factors that contribute to the individual strengths and future potential of each cryptocurrency. These factors encompass potential use cases, available resources, and ongoing research efforts.

There's a noticeable surge in institutional interest regarding the XRP Ledger. Recently, the launch of the first spot exchange-traded fund (ETF) for XRP has been a significant event, drawing in $100 million from investors, despite a broader market downturn.

After experiencing a turbulent period, XRP has shown signs of recovery, rebounding from a recent dip that saw its price plummet to around $2.08. Currently, it has bounced back near the $2.30 mark, with trading volumes decreasing, suggesting that the selling pressure may be subsiding.

XRP's recent rebound from a crucial support level at $2.10 indicates that the previous sell-off may have been an overreaction by the market.

To sustain this bullish momentum, XRP must surpass the 200-day exponential moving average and the RSI must break above its 14-day moving average.

Despite recent fluctuations, institutional enthusiasm for Ripple’s ecosystem remains robust, which is a vital component driving a long-term optimistic price forecast for XRP.

If this recovery trend strengthens, XRP could potentially surge toward the $4 mark in the upcoming weeks.