The XRP price added 3% overnight to reach $0.64 as the wider crypto market caught fire, with the leading XRP exchange Bitstamp recording an influx of $14 million worth of tokens from a large holder. The fresh influx comes as XRP trading volumes build significant momentum, topping $1.3 billion in 24 hours.
Keypoints
- XRP price rose 3% to $0.64 amid a broader crypto market rally
- Trading volume for XRP spiked to $1.3 billion, up significantly recently
- Technical indicators show bullish momentum building, with price potentially heading towards $1
- Legal victories for Ripple against SEC and bullish macro outlook could ignite a major XRP rally
- One analyst sees up to 120% XRP gains in 6 months if price corrects first to $0.51 or $0.43
Surging interest reflects improving technicals and fundamentals backing the embattled asset. XRP has climbed nearly 90% off yearly lows against a backdrop of accumulating legal wins for promoter Ripple against the SEC. With the case likely approaching final settlement by mid-2024, cleared regulatory uncertainty could unleash outsized upside as investors revalue XRP’s long-term utility.
The technical picture supports the bullish narrative. XRP’s RSI shows sustained upwards trajectory as the price pushes towards the key 70 level associated with overbought conditions and appetite for further gains. Meanwhile the crucial 30-day moving average looks poised to break away from the 200-day mean with conviction for the first time this year.
Some analysts eye a potential peak around $1 in coming months as XRP stages its recovery. But more ambitious long-term price forecasts point to $5 or beyond, powered by expectations of a broader multi-year crypto supercycle taking hold through 2024. One particular model sees up to 120% upside for XRP in six months after a brief pullback.
“Around $5 is the result of past calculations but you would need to look around and find the old charts,” said crypto trader Alan Santana on X. “If we go into a super-cycle it can be something impossible to guess… But the future is bright, expect to see more than anything you can think of or guess.”
With fundamentals incrementally firming up, technicals skewing bullish, and the macro narrative improving for cryptocurrencies at large, XRP seems to be marching steadily back into the limelight after years sidelined under legal clouds. If broader confirmation arrives that the market has indeed flipped into its next euphoric bull phase, an asset like XRP could have plenty of lost ground to make up.
