XRP Price Surges Over 12% as It Overtakes Tether in Market Valuation
The price of XRP, backed by Ripple Labs, closed last week above $2.6, retesting a key resistance range of $2.77 to $2.9. The altcoin's market valuation reached approximately $265 billion with a 24-hour trading volume of about $3.5 billion, marking a 12% increase over the week.
XRP overtook Tether (USDT) in market valuation, ranking as the third most valuable cryptocurrency, with values of $154.9 billion for XRP and $141.9 billion for USDT.
Short-Term Outlook for XRP
- XRP has over 5 million on-chain holders and has been following Bitcoin's price trends recently.
- A potential head and shoulders reversal pattern is forming, along with bearish divergence in the Relative Strength Index (RSI).
- Support levels are noted between $1.77 and $2.
- Analyst Ali Martinez suggests a cup-and-handle pattern could lead to a target price of $3.35, contingent upon not breaching support at around $2.4.
If $XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!
— Ali (@ali_charts) February 16, 2025
Fundamental Factors
- XRP has experienced strong fundamentals recently, aided by the re-election of US President Donald Trump, which has boosted bullish sentiment.
- Increased focus on mainstream adoption of digital assets from the Trump administration is evident.
- The SEC and CFTC are collaborating to enhance regulatory clarity for cryptocurrencies.
- The ongoing SEC vs Ripple case is expected to conclude soon, with a recent joint motion to pause the case for 60 days.
- Ripple supports XRP’s adoption through practical applications like Ripple Payments and Ripple USD (RLUSD).