Is a Major Breakout Imminent?
XRP has been in the spotlight recently, with its price rising by more than 5% in the past 24 hours to $2.46. Notably, the price of XRP has both surged and taken a major hit. From lows of $0.7726, the coin has risen to highs of $2.86, just below the $3 resistance. The coin has entered a consolidation phase over the past few weeks and looks all set for a major breakout.
Looks achievable for $3
Interestingly, XRP only needs to rise 20% to reach $3, which is not unusual in the volatile cryptocurrency market. This prospect is achievable if BTC continues to rise above $100,000. Technical indicators also support the possibility of this bullish outlook.
XRP has faced strong sell-offs amid market uncertainty, with the market seeing significant liquidations twice in the past three weeks. However, XRP has remained resilient. As of this writing, XRP trading volume has increased by more than 12%, with over $10 billion traded in 24 hours. Given the coin’s potential to rebound, opportunities for an eventual retest of the $3 level remain visible.
Notably, given the U.S.’s crypto-friendly regulations, many asset managers have submitted applications for spot XRP ETFs, which, if approved, could open XRP to more investors under regulated conditions. This may also increase the price of the token in the long run.
Major developments underway
The XRP community is eagerly awaiting three key developments that they believe will ignite a new rally in XRP. These include the upcoming Ripple stablecoin RLUSD. Earlier this week, Ripple received approval from the New York Department of Financial Services (NYDFS) to list RLUSD. Ripple CEO Brad Garlinghouse said that RLUSD will be listed on partner exchanges soon. This stablecoin is expected to increase XRP’s liquidity, causing XRP to rise.
Other supportive news for XRP includes the approval of an ETF and the settlement of Ripple’s ongoing lawsuit. However, these events will develop in 2025. However, the launch of RLUSD is imminent. Given the news expected in the coming days, XRP supporters believe this could be the catalyst for a new bull run in XRP.
