Ripple’s XRP has entered a decisive bull run, reaching $1.70, its highest price since May 2021. This month, the token has surged more than 240%, driving its market cap above $96 billion. This growth comes amid a series of favorable developments, both legal and political, fueling investor confidence and optimism for further gains.
The catalyst for XRP’s rally lies in Ripple’s recent legal victories, including a crucial court win in July 2023 against the U.S. Securities and Exchange Commission (SEC), which had sought over $2 billion in penalties. The court ultimately ordered Ripple to pay just $250 million, significantly less than the SEC’s initial request. This ruling helped positively shift the market’s sentiment toward Ripple. While the SEC has hinted at a potential appeal, rumors are circulating that the incoming SEC Chair, likely Paul Atkins, may take a more crypto-friendly approach.
Also Read: Ripple’s RLUSD Stablecoin Nears Mainnet Launch After NYDFS Approval
Ripple’s Growing Ecosystem and Upcoming Catalysts
Investors are also eyeing potential future catalysts, which could continue to increase XRP’s price. The major event on the horizon is the approval of a spot XRP Exchange-Traded Fund (ETF) that can bring new institutional money. Moreover, the anticipation of Ripple’s IPO, which is expected to occur soon, will ignite that valuation surge and the system as a whole.
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Ripple is also making strides in the stablecoin space with its upcoming RLUSD token, pegged 1:1 to the U.S. dollar. This project can also help generate more traffic on the Ripple ecosystem and its utility, which would contribute to the future growth and development of the network.
Source: TradingView
The technical chart for XRP reflects a strong bullish trend, with the token recently breaking through key resistance levels, including $0.9340 and $1, reaching its highest point since July 2023. XRP’s positive momentum has pushed it past the 50-week and 100-week moving averages, signaling sustained bullishness. However, indicators such as the Relative Strength Index (RSI) and Stochastic oscillator suggest that XRP could face a brief pullback, as both are now overbought territory.
Ripple’s next significant resistance level is $1.97, last seen in April 2021. Should XRP continue its upward trajectory, the $2 mark is within reach. In the long term, some analysts predict that XRP could rise as high as $3.50, marking a 110% increase from its current price, as Bitcoin has shown similar growth in past bull cycles.
Also Read: XRP Sees Strong Bullish Momentum, Becomes Fifth-Largest Cryptocurrency
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.