XRP has experienced a stunning rally after rising more than 20% since the last trading day to $1.9, the highest price since 2018. This dramatic rise defines the broader market trend, with daily trading volume jumping to more than $18 billion, an increase of more than 160%, indicating investor interest. Several key drivers have triggered this massive rally, attracting a lot of liquidity.
Regulatory optimism — Rumors of SEC Chairman Gary Gensler’s departure have fueled hopes for a more crypto-friendly environment. The resolution of Ripple’s legal dispute could further boost XRP.
Institutional Confidence: Growing interest in XRP ETFs, such as Bitwise’s rebranded Physical XRP ETP, indicates growing support from major investors.
These external factors are expected to have a significant impact on the XRP price increase, which may help the XRP price to break new milestones. The coin started to rise actively by decoupling from the general market. Although many people claim that XRP price targets $20 or $30 in the coming days, these possibilities are quite low, as the market capitalization of the coin may reach $2 trillion, which seems quite difficult considering the current market dynamics.
XRP’s weekly chart shows that after breaking above the 2021 high, bulls are now ready to push the price above the ATH of $3.84 in the coming days. The rally has maintained a bullish momentum since the beginning, which could further intensify as the Gaussian Channel has just turned bullish since the second half of this month. However, the RSI raises some concerns, showing the possibility of a minor pullback as it has reached a level not reached since 2021, around 89.
In 2018, the RSI further surged to 95, marking a new all-time high. As a result, the price is trading in a critical range of $1.7 and $2.08 at the 0.5 and 0.618 FIB levels respectively and is expected to test support before triggering an up move above the resistance. Once the bulls stabilize above the range, the price is expected to rise to the 1 FIB at highs and further maintain a strong rise to the 1.2 FIB at $4.15, forming the top of the current bull run. However, a sustained bull run could also pave the way for higher targets of $5.2 and $6.4.
The growing fundamentals have also attracted major countries such as India to join the platform. According to the Reserve Bank of India (RBI), the country’s digital rupee is taking shape through Ripple’s XRP Ledger. The growing confidence among authorities, institutions, bulls, and mainly market participants is expected to support the XRP price to rise, aiming to hit new highs by 2025.
