XRP Price Skyrockets To 2-Year High, What Next?

XRP price has surged to $0.91, marking its highest level in two years. This bullish momentum comes amid growing trading volume, legal developments, and regulatory shifts in the cryptocurrency market.

XRP Price Skyrockets To 2-Year High

XRP’s recent price surge is being attributed to a breakout from a symmetrical triangle pattern on its price chart. This pattern is often associated with strong price movements in either direction and in XRP’s case, the breakout has been upward.

Analysts have pointed to similarities with XRP’s price behavior in 2017, with some projecting targets of $1.96 by the end of the month and $4.80 by late 2024 if the trend holds.

The increase in XRP’s price is backed by heightened market activity. Trading volume has risen by over 126% in the past 24 hours, reaching $17.57 billion. Open interest in XRP derivatives has also grown by 12%, indicating that traders are placing new bets on further price movements.

Whale activity has also increased, with large transactions being reported on-chain. A transfer of 60 million XRP, valued at approximately $52.8 million, between unknown wallets was flagged by Whale Alert. Such activity often signals institutional involvement or preparations for significant market moves.

Ripple Labs Vs  SEC Major Development

Ongoing legal disputes between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have played a pivotal role in XRP’s recent performance. A court order was recently granted in favor of Ripple Labs, CEO Brad Garlinghouse, and XRP II LLC, affirming a joint request for final judgment and a stay on certain claims.

The SEC, led by Chair Gary Gensler, has faced mounting criticism for its regulatory approach toward digital assets. A lawsuit filed by 18 U.S. states against the SEC alleges unconstitutional overreach in crypto regulation. Market participants are optimistic that these developments could lead to a resolution of Ripple’s legal challenges and provide regulatory clarity for XRP.

ALERT: @xrp shooting higher as a brigade of GOP attorneys general sue the SEC for alleged regulatory overreach of #crypto. EXCLUSIVE reaction 3:30pET w/ @Ripple CEO @bgarlinghouse, Do not miss it! @EleanorTerrett

— Liz Claman (@LizClaman) November 15, 2024

Ripple CEO Brad Garlinghouse commented on social media regarding recent industry milestones, including Bitwise’s ETF filing that includes XRP exposure. “XRP, BTC, ETH, SOL — that’s the alphabet soup I like to see,” he stated. Legal clarity for XRP could pave the way for broader adoption of Ripple’s technology and the XRP Ledger.

What’s Next for The XRP Price?

XRP price is now testing key resistance levels near $1.00, a psychological and technical milestone for the digital asset.

Analysts suggest that if XRP can maintain momentum and break above $1.00, the next target could be $1.32. Sustained trading volume and open interest will be critical for confirming the strength of this bullish trend.

Market watchers are also closely monitoring institutional activity on the XRP Ledger, with reports indicating that capital from other blockchain ecosystems may be entering XRPL.

If this trend continues, XRP could see further price appreciation and adoption in the coming months. At press time, XRP price was trading at $0.8909, a $14.45 surge from the intra-day low.

Regulatory Shifts Create Optimism for Crypto Market

The broader cryptocurrency market has also gained momentum, with its total market capitalization nearing the all-time high set in 2021. XRP’s performance appears to benefit from this overall market enthusiasm, as well as regulatory optimism.

The resignation of Gary Gensler as SEC Chair has been widely speculated following the U.S. elections, with crypto commentators predicting a friendlier regulatory environment under new leadership. Grayscale and Bitwise have both filed applications for cryptocurrency ETFs that include XRP, reflecting growing confidence in the token’s future.

The deployment of new stablecoins on the XRP Ledger is also drawing attention. Societe Generale-Forge recently announced plans to integrate the EURCV stablecoin on the XRPL in 2025. This move aligns with the company’s strategy to operate across multiple blockchain protocols, having previously launched EURCV on Ethereum and Solana.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.