Why Xrp Price is Up today? How High Will XRP Go?
Ripple’s XRP has become one of the best-performing cryptocurrencies in the top 10, with price surging An increase of nearly 270% in just one month. This notable surge took XRP to its highest levels since 2021. XRP currently ranks fifth with a market capitalization of $108 billion, and its strong upward momentum has traders wondering: How high can its price go? Could $2 be its next target?
Key Factors Driving XRP Price
XRP’s recent price surge has been supported by several positive factors. Key developments in the Ripple v. SEC case, speculation about ETFs, and increased trading activity have added to its momentum.
Meanwhile, XRP saw a sharp rise when SEC Chairman Gary Gensler announced that he would be leaving office on January 20, the time Donald Trump was to be inaugurated. This brings hope of an end to the long-running Ripple lawsuit.
Another factor is the recent changes to Ripple’s stablecoin RLUSD. According to Coinpedia News, Ripple destroyed 46.67 million RLUSD tokens in one day, leaving only 100,000 tokens on each blockchain. The move increased investor optimism.
What do technical indicators suggest?
However, technical indicators suggest a different story for XRP as they suggest it still has room to grow. Meanwhile, the relative strength index (RSI) is currently is 74.8signaling an overbought condition.
While this may advise traders to remain cautious, historical trends show XRP reaching RSI levels of 80 or higher before correcting, suggesting that current momentum could push the price higher.
In addition to this, Chaikin Fund Flow (CMF) has turned positive to 0.08, reflecting growing capital inflows. While not as high as in previous bullish periods, the positive turn suggests renewed buyer confidence and the potential for further growth.
Can XRP Still Go Higher?
If current trends continue, XRP may soon test $2, a significant milestone. besides, Analyst recommendations A break above the key resistance level could open the door to higher gains and even touch the $3.38 ATH price soon.
However, loss of momentum could trigger a pullback, with support at $1.21 and $1.05 acting as a safety net. Currently, XRP’s strong bullish indicators and favorable market conditions keep it poised for further gains.
