Ripple’s XRP has been on an unstoppable rise, skyrocketing nearly 270% in just one month. This stunning surge has pushed XRP to its highest levels since 2021. With its market cap now sitting at a staggering $108 billion, many are asking: Could $2 be the next stop for XRP?
But what’s driving this sudden surge, and is there more to come? Keep reading to find out more about what’s in store.
Several factors are behind XRP’s rapid price increase. Progress in the long-running Ripple vs. SEC lawsuit has boosted market confidence. Additionally, speculation about a potential XRP-based ETF and rising trading activity have further fueled the bullish trend.
Adding to this momentum, it was announced that SEC Chair Gary Gensler will step down on January 20, coinciding with Donald Trump’s expected return to office. This has raised hopes for a resolution to Ripple’s legal battle with the SEC, a key factor weighing on XRP’s price for years.
Ripple’s RLUSD Burn
Another major development is Ripple’s decision to burn 46.67 million RLUSD tokens, as reported by Coinpedia. This move leaves only 100,000 RLUSD tokens on each blockchain, which has sparked optimism among investors.
Despite the recent surge, technical indicators suggest there’s still potential for further growth. XRP’s Relative Strength Index (RSI) currently stands at 74.8, signaling overbought conditions. However, XRP has historically reached RSI levels above 80 before experiencing corrections, hinting that the rally may not be over yet.
The Chaikin Money Flow (CMF), another key metric, has turned positive at 0.08, indicating increased capital inflows. While this isn’t as high as during past bullish periods, it shows growing investor confidence and supports the case for continued upward momentum.
If current trends persist, XRP could soon test the $2 level—a significant psychological and technical milestone. Analysts suggest that breaking this barrier could open the door to even greater gains, potentially pushing XRP toward its all-time high of $3.38.
However, traders should remain cautious. A slowdown in momentum could lead to a price correction, with support levels at $1.21 and $1.05 acting as safety nets. For now, though, the outlook remains positive, with market conditions and technical signals favoring further growth.
The bulls are in control, but how long can they keep the rally alive? Let’s wait and see.
XRP’s surge is driven by positive developments in its SEC lawsuit, speculation on an ETF, and strong trading activity.
Yes, if current trends hold, XRP could test the $2 level, potentially leading to further gains.
XRP’s market cap has reached an impressive $108 billion, marking its highest levels since 2021.
XRP holders are finding themselves at a crossroads as recent market trends raise questions about…
Bitcoin, the flagship cryptocurrency, has taken a hit with a 5% drop in its price.…
Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears…
According to historical footprints in the global crypto market, festive seasons are always important for…
Pepe Coin (PEPE) continues to struggle. Resistance limits upward momentum, and even a potential rally…
The cryptocurrency market attracts two main groups: financial investors and technology enthusiasts who coexist with…
