XRP soared to a two-month high of $2.61, registering a 4% gain in the past 24 hours and a 6% rise over the week. Trading activity has intensified, with spot volume jumping 193.5% to $10.83 billion and derivatives volume surging over 237% to $19.4 billion. Open interest also climbed 13.55% to $5.23 billion, with more traders entering XRP’s market in anticipation of further price movement.
The token temporarily overtook Tether (USDT) to become the third-largest crypto by market capitalization. This rally was driven by both technical and fundamental factors, including an 11% growth in XRP holders since the start of the year, wider adoption via payment platforms like Travala, and a proposed Missouri House Bill that could exempt capital gains on assets like XRP and Bitcoin.
Technically, XRP trades above its 10-day and 200-day moving averages, with a positive MACD and a relative strength index at 62, which suggests further room to rise before overbought territory is reached. Analysts suggest that if XRP maintains support above $2.45, it could target $2.80–$3, while a dip below $2.20 may lead to a short-term pullback. Adding to bullishness, a large whale opened a $12 million long position on XRP with solid prior success, fueling confidence among market participants.
Analysts referencing Elliott Wave theory indicate that XRP may be entering a powerful fifth wave, with potential targets as high as $5.85–$6.39 if this pattern is confirmed.