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XRP recently surged to a daily high of $2.61, marking its highest level since March 6. The token climbed 4% in the past 24 hours and has gained 6% over the last week. This rally has been accompanied by a significant increase in trading activity, signaling growing interest from both retail and institutional investors.

Trading Volume and Market Activity

XRP’s 24-hour spot trading volume soared to $10.83 billion, reflecting an impressive 193.5% jump from the previous day. The derivatives market also experienced a notable boost, with trading volumes rising 237.27% to $19.4 billion and open interest increasing by 13.55% to $5.23 billion. These figures highlight that more traders are entering the market and placing larger bets on XRP’s potential movements.

Following this rally, XRP briefly surpassed Tether to become the third-largest cryptocurrency by market capitalization. This milestone underscores the growing enthusiasm surrounding XRP and its prospects in the cryptocurrency space.

Key Catalysts Behind the Surge

Several factors have contributed to XRP’s recent price increase:

  • Increased Adoption: Payment platforms like Travala have integrated XRP, making it more accessible for everyday transactions.
  • Rising Holder Numbers: The number of XRP holders has grown by 11% since the start of the year, reflecting wider adoption.
  • Regulatory Developments: Proposed legislation such as Missouri’s House Bill 594 could provide tax advantages for holders of cryptocurrencies like XRP and Bitcoin, further boosting investor confidence.

Technical Analysis: What’s Next for XRP?

From a technical perspective, XRP exhibits strong upward momentum. It is currently trading above all key moving averages, including the 10-day and 200-day averages, both of which signal a bullish trend. The Moving Average Convergence Divergence (MACD) indicator remains in positive territory, while the Relative Strength Index (RSI) stands at 62, suggesting that the token still has room to grow before becoming overbought.

If XRP can maintain support above $2.45, it could aim for the $2.80 level or even retest the critical $3 psychological barrier. However, a drop below $2.20 might trigger a short-term pullback.

Expert Insights

Crypto analyst Dark Defender has shared a bullish outlook for XRP, suggesting that its latest rally could mark the beginning of a larger upward wave. Using Elliott Wave Theory, they believe XRP may have completed its Wave 4 correction at $2.07 and is now entering Wave 5, which is often the strongest phase in the cycle. If this pattern holds, XRP could target prices between $5.85 and $6.39 in the coming weeks. However, they caution that further confirmation is needed to validate this prediction.

Final Thoughts

As XRP continues to gain momentum, it is attracting increased attention from traders and investors. With a combination of strong technical indicators, rising adoption, and favorable regulatory developments, the token appears well-positioned for further growth. However, investors should remain cautious and monitor key support and resistance levels closely to manage potential risks.

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