Public account: Lazy King Squirrel
The price of XRP has risen by more than 20% since the previous trading day, reaching a high of $1.9 since 2018, followed by an amazing rebound. This dramatic rise has defined a broader market trend, with daily trading volume soaring to over $18 billion, up more than 160%, indicating investor interest. Several key drivers have triggered this large-scale rebound, attracting a lot of liquidity.
- Regulatory optimism - Rumors of the departure of SEC Chairman Gary Gensler have sparked hopes for a more crypto-friendly environment. Ripple's legal dispute resolution may further boost XRP.
- Institutional confidence: Growing interest in XRP ETFs (such as the renamed Bitwise Physical XRP ETP) indicates increasing support from major investors.
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These external factors are expected to have a significant impact on the rise in the price of XRP, which may help XRP break new milestones. The token has started to rise actively by breaking away from the general market. While many claim that the price target of XRP in the coming days will reach $20 or $30, these possibilities are quite low, as the token's market capitalization could reach $2 trillion, which seems quite difficult given the current market dynamics.
The weekly chart of XRP shows that after breaking the 2021 high, the bulls are now preparing to push the price above the ATH of $3.84 in the coming days. From the beginning, the rebound momentum has maintained a bullish trend, and as the Gaussian channel has just turned bullish since the second half of this month, this momentum may further intensify. However, the RSI has raised some concerns, indicating the possibility of a slight correction, as it has reached levels not seen since 2021, around 89.
In 2018, the RSI further soared to 95, setting a new high. Therefore, the price is expected to test the support levels at the critical zones of $1.7 and $2.08 on the 0.5 and 0.618 FIB levels, respectively, before rising above the resistance levels. Once the bulls stabilize above this range, the price is expected to rise to the 1 FIB high and further maintain a strong uptrend to $4.15 at the 1.2 FIB, forming the peak of the current bull market. However, a sustained bull market may also pave the way for higher targets of $5.2 and $6.4.
The growing fundamentals have also attracted major countries like India to join the platform. According to the Reserve Bank of India (RBI), the country's digital rupee is taking shape through Ripple's XRP ledger. Increasing confidence from authorities, institutions, bulls, and primarily market participants is expected to support the rise in the price of XRP, aiming to set new highs by 2025.
