The XRP price surge is playing a major role in driving the crypto market gains, climbing another 5.25% in the last 24 hours to reach $2.55. This marks an impressive performance for the altcoin, with weekly gains now exceeding 80% and monthly gains surpassing a staggering 406%.
The rally comes amid growing investor interest following recent legal clarity on XRP’s status as a non-security, further boosting confidence in the altcoin. As XRP continues to attract attention from both retail and institutional investors, the big question remains: can this upward momentum sustain itself in the coming days, or is a correction on the horizon?
How Far Can the XRP Price Surge Go?
XRP is showing strong momentum in the market, currently trading 6.47% higher at $2.58, with a market capitalization of $145 billion. The surge in price is accompanied by a notable increase in trading activity, as the daily trading volume has jumped by over 50%, reaching an impressive $44 billion.
Additionally, data from Coinglass reveals that open interest in XRP futures has risen by 4%, now standing at $4.35 billion. This increase in open interest indicates growing optimism and bullish sentiment among traders, signaling potential further upward movement for XRP in the near future.
XRP has experienced an impressive 408% price rally this month, marking one of its longest bullish runs in nearly eight years. Over the past four weeks and two days, the cryptocurrency has maintained steady upward momentum, sparking optimism among investors.
Prominent market analyst Income Sharks highlighted the significance of this streak, noting that XRP could potentially extend its rally into a fifth consecutive week. “Maybe this time we can make it 5 weeks before the red candle comes,” the analyst commented.
Popular crypto analyst CrediBULL Crypto has shared a bullish prediction for XRP, stating that the token could potentially rally another 100% to reach $4.21. He based his optimistic outlook on technical analysis, suggesting that XRP is currently in the midst of a significant upward trend.
CrediBULL explained that the token is progressing well into its third subwave, which is part of a larger five-wave bullish Elliott Wave structure. This wave pattern indicates further growth potential, as the third wave is often the strongest and most explosive in such formations.
Also Read: Dogecoin (DOGE): How $1,000 in Dogecoin Becomes $5 Million Today
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
