XRP Price Spikes to Record Highs As Momentum Signals Extended Gains – Crypto News – Crypto News
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XRP Price Spikes to Record Highs As Momentum Signals Extended Gains – Crypto News

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Summary:

  • XRP price bullishness has been bubbling under for months and the new ATH might just be the spark that ignites its strongest rally yet.

XRP price rose to new all-time highs of $3.66 on Friday after surging by more than 17% in 48 hours. The coin’s sentiment and momentum has had investors anticipating a new record high since Donald Trump won US election and ushered an era of regulatory changes, underlined by Gary Gensler’s exit from Securities and Exchange Commission (SEC).

The new milestone has XRP price’s immediate psychological resistance at $4.00 and investors will be keen to hold on to see that happen. Furthermore, the latest gains mean XRP has outperformed market bellwether Bitcoin’s gains both in the last year and year-to-date. While BTC has gained 86% in the last year, XRP price has gained 455% in that time frame. In addition, XRP is up by 67% YTD, beating Bitcoin’s 27% rise.

These figures have certainly caught the attention of institutional investors and could trigger stronger institutional investment in the coin once the SEC vs Ripple case is formally concluded and a spot XRP ETF is approved later in the year. A SEC commissioner Caroline Crenshaw stated this week that the XRP ETF delay was procedural, and not a denial, raising hope that it shall come to pass.

Alongside the price gain, XRP trading volume rose by 63% in the last 24 hours. In addition, the value of its Open Interest contracts went up by 11% to $4.6 billion in that time frame. These factors build a strong case for a continuation of the upside by XRP price in the near-term.

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XRP Price Prediction

XRP price pivot mark is at $3.39 and the momentum will likely stay on the upside if action stays above that level. That will likely see the first barrier encountered at $3.65. An extended control by the buyers will break above that level and could push the action higher to test $3.80.

However, if the price breaks below $3.39, the momentum will shift to the downside. That will likely see the first support established at $3.15. Breaking below that level will invalidate the upside narrative. Also, that could open the door for an extended decline to test $2.95.

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