XRP Surges 7.35% to $2.57, Market Cap Reaches $147.07 Billion
XRP, the third-largest digital asset by market capitalization, has increased 7.35% in the past 24 hours, rebounding from a low of $2.34 to a high of $2.59. The current market cap is $147.07 billion, with XRP trading at $2.57. This price surge coincides with a broader market recovery as Bitcoin (BTC) reached a new all-time high of $107K.
Analyst Ali Martinez discussed XRP's bullish potential, suggesting it may target the $4 price level. The all-time high for XRP is $3.84, observed approximately seven years ago. The cryptocurrency recently broke into an uptrend after a prolonged bearish phase. Martinez indicated that if XRP surpasses key resistance at $2.60, the likelihood of reaching $4 increases significantly. He previously noted the formation of a bullish flag with a $4 target.
According to CoinMarketCap, XRP has risen 15.81% over the last week and 137.86% in the past month. Since December, it has gained 317.23%, aiming for a new all-time high. Ripple's RLUSD stablecoin is set to launch soon, which may drive XRP's price above $3.
Ahead of the RLUSD launch, demand has surged, with bids reaching 836 XRP compared to the targeted 1 XRP. Ripple Payments plans to utilize RLUSD for cross-border transactions starting early next year, likely enhancing the XRP Ledger.
XRP Onwards and Upwards?
The Relative Strength Index for XRP is currently 68.73, indicating bullish control over the price action and suggesting potential further price increases as it approaches overbought territory.
Source: TradingView
The MACD indicator previously indicated a bearish divergence but now shows the signal line and MACD line converging, suggesting a potential bullish divergence. Rising volumes support the increasing demand for XRP as the RLUSD launch approaches.