Why is Ripple $XRP Going Up Today. XRP Bull Aim For 3️⃣ Year High of $1.96 and All Time High 🚀
🔺Ripple price surges around 10% on Friday, reaching levels not seen since May 2021.
🔺The rally was fueled by SEC Chair Gary Gensler’s upcoming resignation and the WisdomTree Physical XRP ETP launch in Europe on Thursday.
🔺Reports show XRPL DEX activity is at record highs, with active addresses and open interest also surging.
🔺The technical outlook suggests a continuation of the rally, targeting a three-year high of $1.96.
Ripple (XRP) extends its gains by around 30% on Friday, reaching a new year-to-date high of $1.45 and hitting levels not seen since mid-May 2021. The main reasons behind the rally are the announcement that the US Securities and Exchange Commission’s (SEC) Chair Gary Gensler will resign and the launch in Europe of an XRP exchange-traded products (ETP) by asset management company WisdomTree.
Another factor favoring the XRP price outlook is its record-high levels of activity in decentralized exchange (DEX), active addresses, and open interest in the XRP network. Amid the current optimistic market outlook and expectations that the legal troubles for XRP are about to end, bulls aim for a target of $1.96, a three-year high.
WisdomTree Physical XRP ETP launched in Europe on Thursday. The launch allows investors to gain exposure to the native token on the XRP Ledger through regulated European markets, which is a positive sign for the token’s accessibility and liquidity. This renewed interest will likely attract investors and traders to the XRP token, and anticipate the equivalent XRP ETF products could be launched in the US.
XRP on-chain metrics show bullish signs🚀
CryptoQuant’s weekly report released on Wednesday further supports Ripple’s bullish outlook. The report highlights that the price of XRP has also coincided with record-high decentralized exchange (DEX) activity on the XRP Ledger (XRPL) network.