In a surprise rally that has shunned the recent bear trends in the crypto market, XRP shot up over 70% in value over the last 24 hours. The dramatic price spike has XRP trading around $1.15 at the time of writing, its highest level in over 8 months.
This parabolic surge in XRP comes as the overall crypto market shows signs of decoupling from Bitcoin's price movements. While Bitcoin has ranged sideways over the past week, XRP staged a moonshot rally starting late Wednesday night.
Trading volume has skyrocketed over 300% across major exchanges like Binance and Coinbase as interest in the altcoin explodes. XRP's market cap now stands at around $115 billion, cementing its position as the 3rd largest cryptocurrency after this epic breakout.
So what is fueling this sudden blastoff in XRP price? Here are some of the likely catalysts:
Major Exchange Listings - Rumors are swirling that XRP is finally going to be listed on major US exchanges like Coinbase in the near future now that its legal status is clearer. This could open the floodgates to huge new demand.
Ripple Product Breakthroughs - Ripple announced a breakthrough that will allow CBDC projects to be built on the XRP Ledger. As central bank digital currencies gain adoption, this could be a huge driver for XRP.
Technical Breakout - XRP has been coiling in an ascending triangle for months and finally busted out on huge volume. This triggered FOMO and forced short sellers to cover, spiking prices higher.
Improved Market Structure - As crypto emerges from a bearish period, renewed appetite for risk-on assets like altcoins has lifted all boats. XRP benefited from rotation back into altcoins.
While XRP has seen false breakouts before, analysts are hopeful this rally has legs if bullish momentum continues. But skepticism remains whether XRP can hold these lofty levels over the long term. Hold on tight, XRP investors!
