XRP price has surged remarkably, riding a bullish wave and recovering strongly after recent market dips. Over the past 24 hours, XRP has emerged as a standout performer amid a broader market rebound, sparking optimism among investors. This impressive momentum has ignited speculation about further gains and its potential impact on Ripple. As the cryptocurrency market sees renewed activity, XRP’s strong recovery highlights its growing appeal to market participants.
XRP Price Skyrockets: Here’s Why
The price of XRP has surged as the cryptocurrency market experiences a bullish recovery fueled by rising optimism among investors. Bitcoin (BTC) rebounded sharply, crossing $99K after a recent dip to $92K, sparking renewed confidence in major altcoins like Ethereum (ETH) and XRP.
Ripple has gained attention by partnering with Archax Exchange and Abrdn plc to accelerate real-world asset (RWA) tokenization. Additionally, the approval of Ripple’s USD-backed stablecoin is viewed as a major step toward the broader adoption of XRP in global financial systems.
In a surprising development, former President Donald Trump reportedly signed a deal involving $68 billion in XRP integration with the Federal Reserve and Treasury.
A renowned hedge fund manager further claimed Trump has shown interest in Hedera (HBAR) and XRP, aligning with speculation about a U.S.-backed cryptocurrency initiative under the proposed “American Digital Commodity Act.” These factors combined are driving XRP’s remarkable price rally.
XRP Analyst Predicts Major Price Surge
Crypto analyst shared an X post comparing Ripple’s performance in 2017 to its current trajectory in 2024. The post highlighted similarities in price action, suggesting a potential surge between $8 and $13. According to the analyst, the chart patterns point toward a bullish breakout similar to the 2017 bull market.
The attached chart showcased XRP’s steady climb, with technical indicators signalling an impending upward rally. The analyst’s remark, “Have fun buying my bags,” hinted at a confident stance on XRP’s bullish potential. Ripple enthusiasts speculate this projection could mark a significant milestone for XRP as it navigates its current market phase.
At the time of writing, the Ripple price has seen a 10% increase within the last 24 hours, reaching $2.26. XRP’s current price performance shows a low of $2.12 and a high of $2.38 within the same time frame. The cryptocurrency remains the 4th largest asset by market cap, reflecting robust market activity.
The technical indicators for the XRP price suggest a cautious market outlook, as seen in the chart analysis. The Relative Strength Index (RSI), with a reading of 45, indicates a neutral to bullish trend. It remains below the 50 mark after moving from oversold territory. The Moving Average Convergence Divergence (MACD) histogram shows a slight negative divergence.
The XRP price derivatives market recently saw significant fluctuations. Volume dropped by 58%, reaching $10.47 billion. However, open interest increased by 5% at $1.98 billion. Options trading also surged, with volume rising 17.41% to $4,010. Meanwhile, options open interest climbed 16.20% to $992,330. This data highlights mixed trends in XRP derivatives activity, suggesting evolving trader sentiment.
Source: Coinglass
XRP’s recent surge highlights growing investor confidence fueled by key partnerships, regulatory developments, and market optimism. Analysts predict further bullish momentum, reinforcing its appeal.
