【Why did Ripple's price rise today? How high will XRP go?】
Ripple's XRP has shown strong performance recently, with the price soaring nearly 270% in a month, reaching its highest level since 2021, with a market capitalization of $108 billion, ranking fifth. Traders are eager to see if it can challenge the $2 target price.
The surge in XRP is driven by several positive factors, including developments in the Ripple vs. SEC case, speculation related to ETFs, and increased trading activity. Additionally, the news that SEC Chairman Gary Gensler will step down in January aligns with Donald Trump's upcoming term, leading the market to anticipate that Ripple's long-standing lawsuit may be coming to an end.
Another positive factor is Ripple's adjustment to the stablecoin RLUSD, having burned 46.67 million RLUSD while retaining a small supply, which has boosted market confidence.
Technical indicators suggest that XRP may still have upward potential. The Relative Strength Index (RSI) reached 74.8, indicating an overbought status, but historical data shows that XRP has historically corrected only after the RSI exceeded 80, suggesting that the upward trend may continue. The Chaikin Money Flow (CMF) has turned positive to 0.08, indicating increased capital inflow and rising buyer confidence.
If the upward trend continues, XRP may test the key level of $2 and even challenge its historical high of $3.38. If momentum weakens, support levels are at $1.21 and $1.05. Overall, the current technical indicators and market conditions for XRP support further upward movement in the short term.