XRP reaches two-month highs, with breakout momentum pointing to $3 objective
In its most recent rise, XRP reached a daily high of $2.61, the most it has been since March 6.
The token is up 4% in the last 24 hours and is up 6% in the previous week. Trading activity has increased significantly, with XRP’s 3.93% XRP 24-hour spot volume reaching $10.83 billion, up 193.5% from the previous day.
According to Coinglass data, derivatives trading volume increased 237.27% to $19.4 billion, while open interest increased 13.55% to $5.23 billion. These data indicate that more traders are entering the market and betting higher amounts on XRP’s future move.
Following the rise, XRP momentarily eclipsed Tether by USDT 0.02% to become the third-largest cryptocurrency by market value. According to Santiment, a series of good events have led to XRP’s recent price increase.
These include an 11% increase in XRP holders since the start of the year, rising use via payment platforms such as Travala, and Missouri’s planned House Bill 594. The law would allow taxpayers to deduct all capital gains taxes on assets such as XRP and Bitcoin. On the technical front, XRP is displaying significant upward momentum. It is trading above all important moving averages, including the 10-day and 200-day averages, which indicate a buy. The MACD is in the positive zone, and the relative strength index is at 62, indicating that the token still has the opportunity to rise before being overbought. If XRP can stay above the $2.45 support level, it might rise to $2.80 or perhaps retest the $3 psychological threshold. But if it falls below $2.20, it may experience a short-term decline.
According to a May 10 post on X, crypto analyst Dark Defender believes XRP’s most recent surge could be the beginning of a larger wave. Using Elliott Wave theory, they believe XRP has completed its Wave 4 correction around $2.07 and is currently entering Wave 5, which is often the strongest part of the cycle.
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