XRP, the third-largest cryptocurrency by market capitalization, has achieved a major milestone by reaching the $3 mark for the first time since its 2018 all-time high of $3.84. Trading at $2.94 at press time after peaking at $3.02 earlier today, XRP has surged 14.45% in the past 24 hours, propelling its market valuation to an impressive $168 billion.
Data from CoinMarketCap reveals that XRP’s trading volume has skyrocketed by 154.53%, reaching $19.11 billion within the same period. This surge comes as the crypto community awaits the U.S. Securities and Exchange Commission (SEC) to file its opening brief in the ongoing lawsuit against Ripple, potentially influencing XRP’s regulatory clarity and long-term outlook.
XRPL Ecosystem Gains Momentum
The XRP Ledger (XRPL) also saw significant activity, recording 341 transactions worth over $1 million each. Notably, meme coins within the XRPL ecosystem experienced explosive growth. ARMY, a token symbolizing XRP’s ascendancy, climbed 26.52% to $0.1792. LIHUA, inspired by the Dragon Li cat breed, soared 24.89% to $0.051588, while DROP jumped 26.10% to $16.66, with most trading concentrated on Bitrue. DROP has gained a staggering 95.41% over the past week, reflecting robust market interest.
XRP Price Analysis and Outlook
XRP’s price rally is underpinned by strong accumulation levels, as highlighted by TradingView data. The accumulation line’s steep gradient suggests continued investor confidence. Meanwhile, the Relative Strength Index (RSI) stands at 70.65, signaling that XRP is nearing overbought territory—a level last observed during the November-December rally.
Crypto analysts project XRP’s bullish momentum to persist, with the token likely outperforming major rivals like Ethereum in the coming years. As the SEC’s legal proceedings unfold, the cryptocurrency market is poised to react to any developments that could shape XRP’s regulatory future.
Also Read: XRP Soars 50% in January: What’s Fueling the 240% Surge and Will the Bull Run Continue?
With trading volumes surging and on-chain activity thriving, XRP appears well-positioned to maintain its upward trajectory, offering optimism for long-term holders and traders alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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