Key Takeaways
- XRP breaks out above its seven-year high following months of price consolidation below $2.6 resistance.
- The XRP price has gained strong institutional interest and volume over the last few days, following the introduction of the “Genius Act” bill.
- XRP price gains market speculation of a potential 4-5x price rally in the coming months.
XRP’s price finally made its grand market surge after seven long years of trading below its previous highs, as the price of XRP broke the market, creating much buzz across the space following its price trading above $3.6, leading to a market reaction and speculations of a potential price hitting $15.
According to data from CoinMarketCap, the price of XRP has rallied by over 55% in the last month, while still maintaining a strong price gain of over 490% in the last year of its price rally from a region of $0.5.
Recent price surge for XRP has been attributed to several factors in the last couple of weeks, favoring such price rally as crypto experts and investors believe the price of XRP has to rally towards a high of $15 by over 4X in the coming weeks and months as the price trades above its key resistance, flipping it to support.
XRP On-chain Activities
XRP Activities – Source Coinglass
XRP has seen a surge in its Open Interest and volume over the last few days, with its volume spiking by 135%, contributing to a significant price push as the price broke past its previous all-time highs to set new highs above $3.6.
Also another key driver of XRP price growth in the last few hours has been regulatory policies under U.S. president signing into bill the Genius Act which has boosted XRP price as many investors and crypto experts are keen for a final resolution of Ripple vs SEC lawsuit which could eventually see price make that huge leap to the highs of $15 to $20.
With regulatory policies favoring XRP, institutional organizations and investors are actively accumulating XRP as one of the most anticipated and predicted crypto assets in the upcoming bull market.
Is $15 to $20 XRP Price Realistic?
XRP 1D Breakout – Source TradingView
While the possibility of XRP’s price hitting a 4-5x rally in the coming months is never out of the picture, crypto experts have pointed to a similar price action that led to XRP trading around $3.45 rallying by over 600% before crashing to its low of $1.40.
According to the MVRV cross signal, the XRP bullish breakout over the last few days has strong potential to continue its rally to the upside, as the price could continue its strong volume rally towards $15 in the coming weeks.
Overall market price action for XRP remains bullish, as traders and investors look to buy more XRP at current prices until the market trend shifts to bearish.
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