In recent times, XRP has captured significant attention with its price surging over 5% to reach $2.46 within a mere 24-hour period. This noteworthy ascent highlights the cryptocurrency’s volatile journey, having previously plummeted to a low of $0.7726 before climbing to a remarkable $2.86, just shy of the crucial $3 resistance level. Currently, XRP is navigating a consolidation phase, setting the stage for an anticipated major breakout.
The $3 Milestone: An Achievable Target
Interestingly, XRP requires only a 20% rally to hit the $3 mark, which is a plausible scenario given the inherent volatility of the crypto market. This target seems within reach, particularly if Bitcoin (BTC) continues its bullish trajectory, aiming for levels above $100k. Technical indicators further bolster this optimistic outlook, suggesting potential growth for XRP.
Despite the prevailing market uncertainties, XRP has demonstrated resilience. It has faced significant sell-offs, with the market witnessing substantial liquidations on two occasions in the past three weeks. Yet, XRP has remained steadfast, with its trading volume increasing by over 12%, accounting for more than $10 billion in transactions within 24 hours. This resilience enhances the likelihood of XRP revisiting the $3 threshold, fueled by its rebound potential.
Moreover, the prospect of crypto-friendly regulations in the US has spurred numerous asset managers to apply for a spot XRP Exchange-Traded Fund (ETF). If approved, this move could attract a broader range of investors under regulated conditions, potentially bolstering XRP’s price in the long term.
Key Developments Underway
The XRP community is eagerly anticipating three pivotal developments believed to trigger a new rally for XRP. A major highlight is the forthcoming launch of Ripple’s stablecoin, RLUSD. Recently, Ripple received the green light from the New York Department of Financial Services (NYDFS) to list RLUSD. Ripple CEO Brad Garlinghouse announced that RLUSD will be introduced on partner exchanges soon, a move expected to enhance XRP’s liquidity and potentially drive a rally.
Additional positive news includes potential ETF approvals and the resolution of Ripple’s ongoing legal battle, although these developments are anticipated in 2025. Meanwhile, the imminent launch of RLUSD is creating buzz. XRP enthusiasts are optimistic that this event could serve as the catalyst for a new bull run for XRP, reinforcing its position in the crypto market.
