The price of XRP shot up by 14% today. More people are trading it too – the volume is up by 158%. However, for the first time since 2017, XRP broke past $3. Several things pushed the price up, especially some big regulatory news and a strong price breakout.
The biggest news driving XRP’s price? Word is going around that it might not be labeled as a security anymore. This follows an announcement from top analyst Ali on X, who highlighted the changing regulatory landscape.
The SEC has been under pressure lately to change how it looks at crypto. In a related development, crypto expert db mentioned that the Trump administration’s SEC is reviewing certain crypto enforcement cases pending in the courts, with some potentially being frozen. This has XRP investors feeling pretty good – it looks like regulators might be warming up to the token.
If XRP stops being called a security, it could be a game-changer. More big investors and trading firms might start using it, which could make it much more popular in the market. Such a shift would likely contribute to further price gains as the uncertainty surrounding the asset decreases.
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XRP Technical Analysis: Breakout Signals Further Uptrend
With regulatory news, XRP has also experienced a technical breakout from a consolidation pattern. The XRP price surged past the $2.4750 level, which had served as resistance for some time. This breakthrough suggests that the token is now targeting higher levels, with Fibonacci extension levels indicating possible price targets of $2.594 (1.272) and $3.7705 (1.618).
The formation of an ascending triangle, a common bullish pattern, further supports the notion that XRP is poised for more upward momentum. The breakout from this pattern signals investor confidence, and the price action suggests the token is heading toward new highs. With the RSI currently at 67.81, there is still room for further growth before any potential pullbacks.
Market Sentiment and Growing Media Attention
Investor sentiment is becoming increasingly bullish for XRP’s price, as evidenced by the growing number of media discussions. Elite analyst MikybullCrypto shared that XRP is entering an all-time high (ATH) phase, with expectations for a “massive pump.” As the price continues to gain attention, media coverage could amplify the rally, attracting even more market participants.
This shift in sentiment, coupled with the technical and regulatory developments, has helped propel XRP to its highest price in years.
The combination of favorable news, market sentiment, and strong technical performance suggests that XRP is in a favorable position for further growth. As the token continues to break through resistance levels, it may see even more substantial gains soon. Investors are watching as XRP moves toward new price targets.
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