The price of XRP has skyrocketed by an impressive 15% over the past 24 hours, setting the stage for a potential rally above $3. This surge pushed XRP to $2.42, boosting daily trading volume by 120% to exceed $10 billion. The strong bullish momentum comes after XRP defended its critical $2.0 support level, igniting optimism among traders. Analysts now forecast a potential climb to $13 and beyond. Additionally, Ripple CEO Brad Garlinghouse has hinted at new real-world utility initiatives for XRP as we move closer to 2025.
Where Is XRP Heading?
With bullish momentum building, XRP’s daily close above $2.12 confirms the ongoing uptrend. Renowned crypto analyst EGRAG Crypto has identified key resistance levels to watch in the coming sessions—$2.60, $2.65, and $2.75. Breaking these levels could pave the way for XRP to surpass $3.
Adding to the excitement, whale activity in the XRP market suggests potential for sustained momentum. Analysts remain optimistic about XRP’s prospects, with many predicting double-digit price targets and new all-time highs above $10. XRP’s technical setup points to a bullish flag-and-pole breakout, with crypto expert Tony suggesting a possible price target of $13 under a strong bullish scenario.
What’s Behind the XRP Price Rally?
The rally comes as Ripple Labs released 500 million XRP from its escrow wallet with a statement hinting at significant upcoming events. The note accompanying the release stated:
“January 20 approaches. Donald Trump will be back in the White House, and we will make crypto great again!”
Ripple has also pledged $5 million worth of XRP in support of Trump’s inauguration. This follows Ripple’s routine release of 1 billion XRP tokens, with further distributions planned for later today.
These developments have driven strong liquidation events for XRP. According to Coinglass, XRP open interest has surged by 28% to $2.5 billion, while 24-hour liquidations hit $14.38 million, including $12 million in short positions.
2025: A Defining Year for XRP?
As market analysts project, XRP’s bullish momentum may continue into 2025. Factors such as increased adoption, regulatory clarity, and real-world utility programs are likely to support sustained growth. Ripple’s strategic initiatives and heightened institutional interest make XRP a cryptocurrency to watch as it aims for new milestones.
For the latest insights and updates, visit The Bit Journal to stay informed on XRP’s journey and the broader crypto market.
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