Is a Major Breakout Imminent?
Recently, XRP has been in the spotlight with its price jumping over 5% to $2.46, over the past 24 hours. Notably, the price of XRP has both soared and suffered a blow major blow. From a low of $0.7726, the coin has reached as high as $2.86, just shy of the $3 resistance. The coin has entered a consolidation phase over the past few weeks and looks all poised for a major breakout.
$3 Looks Achievable
Interestingly, XRP only requires a 20% rally to reach $3, which is not uncommon in the volatile crypto market. This outlook is achievable if BTC continues to move above $100k. Technical indicators also support the possibility of this bullish outlook.
Amid market uncertainty, XRP has faced strong sell-offs, with the market experiencing significant liquidations on two occasions in the past three weeks. However, XRP has stayed resilient. As of writing, the XRP trading volume is up over 12%%, with over $10 billion coins traded in 24 hours. With the coin’s potential to rebound, chances of finally retesting the $3 horizon remain visible.
Notably, with expectations of crypto-friendly regulations in the US, many asset managers have filed applications for a spot XRP ETF, which, if approved could open XRP to more investors under regulated conditions. It could also boost the coin’s price in the long term.
Key Developments Underway
The XRP community eagerly awaits three key developments, which they believe will ignite a new rally for XRP. Among them is the upcoming launch of Ripple’s stablecoin, RLUSD. Earlier this week, Ripple secured approval from the New York Department of Financial Services (NYDFS) to list RLUSD. Ripple CEO Brad Garlinghouse stated that RLUSD will soon launch on partner exchanges. This stablecoin is poised to boost the liquidity of XRP, that can lead to XRP rally.
Other pro-XRP news includes ETF approvals and the settlement of Ripple’s ongoing lawsuit. However, these events will develop in 2025. However, the launch of RLUSD is imminent. With the news expected in the coming days, XRP proponents believe it could be the catalyst for XRP’s new bull run.
