Kraken Exchange has generated interest by proposing that XRP might reach a new all-time high (ATH) in the near future. This strong claim has got the crypto world talking as the XRP price surged past 10% today.
Recently, Kraken Exchange posted a chart indicating XRP’s robust price action and asked, “Gm, anyone else watching $XRP today?” What further added to the excitement was Kraken’s own subsequent remark: “New ATH soon?”
Coming from a major exchange that has backed XRP during regulatory instability, Kraken’s post gives more credence to the increased bullishness surrounding the token. Kraken was one of the leading exchanges to relist XRP in 2023 following a U.S. court’s ruling that XRP sales on public exchanges do not constitute securities.
At the same time, popular crypto commentator Steph_iscrypto has called for a potential price target of $11, far above its current levels. This projection is based on technical breakout patterns and increasing market momentum.
At the time of writing, the XRP price has reached $2.58, which is around 10% higher in the last 24 hours and around 22% up since the next the week. While XRP is still about 33% below its all-time high of $3.84, set back in January 2018, the recent momentum has renewed hopes of a strong breakout.
XRP’s sudden surge in interest isn’t random. In the last week, Ripple’s litigation against the U.S. Securities and Exchange Commission (SEC) has moved in a significant way. Both sides submitted a joint request for an indicative ruling to complete a settlement agreement, marking that the lawsuit, which was initiated in 2020, is finally closing in on completion.
Fuel is being added to the rally as there is increasing speculation regarding the approval of an XRP ETF. Following Bitcoin and Ethereum ETFs’ regulatory approval, XRP is considered a prime candidate for the next wave. An approval for an ETF like that could lead to significant institutional investment and drive the price even higher.
Also Read: Will XRP Price Join BTC, ETH Rally? Analyst Eyes $27 Target
