XRP has experienced a dramatic 15% surge in the past 24 hours, with daily trading volumes spiking by 120% to over $10 billion, signaling strong bullish momentum for the cryptocurrency.
The price surge, which brought XRP to $2.42, comes on the heels of a solid defense of the $2.0 support level, following a recent correction in the broader crypto market. Analysts are now predicting that XRP could break past the $3 mark, with some even forecasting a possible rally toward $13 based on technical patterns and whale activity.
Technical Indicators Po int to Continued Strength
Ripple’s native cryptocurrency has been setting up for a potential breakout, as bullish technical signals support further gains. The latest price action shows a daily close above $2.12, confirming that the upward trend is intact. EGRAG Crypto, a well-known crypto analyst, has identified key resistance levels to monitor, including $2.60, $2.65, and $2.75. Breaking through these levels could trigger further price movements, potentially paving the way for a rally above $3.
Additionally, on a multi-year chart, XRP appears to be forming a bull flag pattern, which analysts suggest could lead to a price target of $13 if the pattern holds. While such a target is ambitious, experts argue that a strong bullish scenario could make this rally feasible.
Whale Activity and Escrow Release Drive Momentum
XRP’s recent price surge is also supported by significant whale activity. On January 1, Ripple unlocked 500 million XRP from escrow, a move that has caught the attention of the market. The transaction included a special memo reading: “January 20th is around the corner. Donald Trump will be in the White House, and we are going to make crypto great again!” Ripple has committed $5 million in XRP for Trump’s inauguration, fueling speculation that the pro-crypto stance of the incoming U.S. administration could benefit Ripple and its native token.
Ripple typically releases 1 billion XRP tokens from escrow, and the second batch is expected to be unlocked soon, further impacting the market.
XRP’s Future: Bullish Sentiment and Legal Optimism
As the year progresses, market analysts remain overwhelmingly bullish on XRP, predicting double-digit price targets and new all-time highs above $10. Much of this optimism stems from the anticipation that Ripple’s ongoing lawsuit will soon be resolved in favor of the company, which would likely remove a significant overhang on the token’s price.
XRP Price Surge Fuels Liquidations
The surge in XRP’s price has also led to strong liquidations in the market. According to Coinglass data, the open interest in XRP has risen by 28%, reaching $2.5 billion, while the 24-hour liquidations have skyrocketed to $14.38 million, with nearly $12 million in short liquidations.
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