Ripple’s XRP has hit $1, achieving a major milestone. The surge comes after it crossed the monthly Kijun, sparking optimism among traders. However, the Kumo Cloud could slow the growth further, acting as a key resistance level. With several bullish signals emerging, the market appears ready for more action. But challenges remain and traders must remain vigilant.

Technical indicators show bullish momentum

XRP recently broke out of a symmetrical triangle pattern, which is often a sign of major price movements. More than 320 million tokens were purchased in the past 72 hours, fueling the excitement. Open interest in XRP derivatives has increased by 10.44%, now totaling $1.56 billion. These numbers indicate growing market confidence and institutional participation.

Analysts compare the current rally to the 2017 bull run when XRP hit $3.30. The Robinhood listing has also attracted new interest, giving retail traders more access. Additionally, CryptoQuant data shows that trading volumes are falling, signaling long-term investor confidence.

Ripple Labs has made significant progress in its legal battle with the SEC. The favorable court ruling and approval of a joint motion for final judgment have eased concerns about regulatory hurdles. These victories have sparked renewed confidence in XRP’s long-term potential.

Speculation about a dirham-backed stablecoin has also fueled market interest. This follows the recent launch of RLUSD, a stablecoin fully backed by the US dollar. Ripple’s efforts to expand its ecosystem are positioning the company as a blockchain leader.

Traders are now keeping an eye on the Kumo Cloud, a potential barrier that could determine XRP’s next move. Once above the cloud, XRP could quickly head towards its previous all-time high. With a market capitalization of $57.98 billion and a trading volume of $13.13 billion, momentum remains strong.