Ripple’s XRP token is on a meteoric rise, surging by an impressive 444% this month. The cryptocurrency, now trading at $2.74, has reached a six-year high and is just 36% shy of its all-time high (ATH) of $3.84 recorded in January 2018.
With XRP holders reporting an average profit of +225%, the token outperforms major cryptocurrencies like Bitcoin and Ethereum.
For the first time since 2018, XRP has regained its position as the third-largest cryptocurrency by market capitalization, overtaking Tether (USDT) and Solana (SOL). With a market cap of $156 billion, it now holds a lead of approximately 12% over Tether and a significant nearly 40% over Solana.
Technically, XRP has broken out of a long-standing resistance trendline in the daily time frame. Indicators like the Simple Moving Average (SMA) and Relative Strength Index (RSI) suggest strong buying momentum.
Analysts predict the token could soon test its upper resistance level of $2.85 and $3.00, potentially reaching $3.20 in the short term if bullish sentiment persists.
Factors behind XRP’s Surge
- Regulatory Relief: Ripple is likely to win its long-lasted legal battle with the SEC.
- Whale Activity: Major trades on Coinbase have pushed XRP’s price premium higher.
- Upcoming Launch of RLUSD Stablecoin: Ripple’s RLUSD stablecoin is on the edge to be launched, awaiting approval from NYDFS.
If the rally sustains, XRP could breach the $3 mark, setting the stage for a new ATH. However, a bearish reversal may see prices testing support at $2.25 or even $2.00.
Also Read: XRP Futures Open Interest Hits Record $3.91 Billion Mark
