XRP breaks $1 after a Golden Cross, signaling strong bullish momentum.
Legal wins and new stablecoin rumors boost Ripple’s market confidence.
Kumo Cloud resistance remains a key hurdle for XRP’s next price targets.
Ripple's XRP has hit $1, achieving a significant milestone. This rise follows a breakout from the monthly Kijun, sparking optimism among traders. However, the Kumo Cloud could slow further growth, acting as a key resistance level. With several bullish signals emerging, the market appears primed for more action. But challenges remain, and traders must stay alert.
https://twitter.com/Washigorira/status/1857425557035610333 Technical Indicators Show Rising Momentum
XRP recently broke out from a symmetrical triangle pattern, often a sign of big price moves. Over 320 million tokens were purchased in the past 72 hours, fueling excitement. Open interest in XRP derivatives has risen by 10.44%, now totaling $1.56 billion. These figures suggest growing market confidence and institutional involvement.
Analysts compare today’s momentum to the 2017 bull run when XRP reached $3.3. The listing on Robinhood has also attracted fresh interest, giving retail traders more access. Additionally, CryptoQuant data shows declining exchange reserves, signaling long-term confidence among investors.
Ripple’s Strategy and Legal Wins Spark Optimism
Ripple Labs has made major progress in its legal fight against the SEC. A favorable court ruling and approval for a joint motion for final judgment have eased fears of regulatory setbacks. These victories have sparked renewed trust in the long-term potential of XRP.
Speculation about a dirham-backed stablecoin has also boosted market interest. This follows the recent launch of RLUSD, a fully U.S. dollar-backed stablecoin. Ripple’s efforts to expand its ecosystem are positioning the company as a blockchain leader.
Traders now watch the Kumo Cloud, a potential barrier that could determine XRP’s next move. Once past the cloud, XRP may quickly head for its previous all-time high. With a $57.98 billion market cap and $13.13 billion in trading volume, the momentum remains strong.
The post XRP Targets $1 After Golden Cross: What’s Next Beyond the Kumo Cloud? appeared first on Crypto News Land.
