Kraken Exchange has sparked excitement in the cryptocurrency community with its bold assertion that XRP could be on track to hit a new all-time high (ATH) in the near future. This speculation follows a notable surge in XRP’s price, which has climbed by over 10% today.
Kraken’s Bullish Outlook for XRP
Kraken’s recent post on social media caught the attention of traders when it shared a chart showcasing XRP’s strong price performance. The exchange’s provocative question, “Gm, anyone else watching $XRP today?” was quickly followed by the comment, “New ATH soon?”
As one of the leading platforms to support XRP during its regulatory challenges, Kraken’s endorsement carries significant weight, especially after it relisted XRP in 2023 following a favorable court ruling. A U.S. court determined that XRP sales on public exchanges do not qualify as securities, clearing the path for its renewed listing.
Market Sentiment and Price Projections
Adding to the bullish sentiment, well-known crypto commentator Steph_iscrypto has set a potential price target of $11 for XRP, far above its current levels. This projection is based on technical indicators pointing toward a strong breakout, coupled with growing market momentum.
As of writing, XRP is trading at $2.58, reflecting a 10% increase in the last 24 hours and a 22% rise over the past week. Despite this recent surge, XRP remains approximately 33% below its all-time high of $3.84, reached in January 2018. However, the increasing momentum has sparked renewed optimism among investors.
Ripple’s Legal Progress Boosts Investor Confidence
XRP’s recent surge in price and interest is not purely coincidental. Over the past week, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has moved closer to a resolution. Both parties have requested an indicative ruling to facilitate a potential settlement, signaling that the litigation, which began in 2020, is nearing its conclusion.
XRP ETF Speculation Adds Fuel to the Rally
Adding further fuel to the rally is speculation surrounding the approval of an XRP exchange-traded fund (ETF). Following the regulatory approval of Bitcoin and Ethereum ETFs, many believe XRP could be the next cryptocurrency to receive similar treatment. If an XRP ETF is approved, it could attract substantial institutional investment, potentially driving the price even higher.
Conclusion
With XRP’s price climbing and a potential legal settlement on the horizon, the outlook for the token looks increasingly positive. Whether the cryptocurrency can break its previous all-time high remains to be seen, but the signs are certainly pointing toward a period of significant growth.
Related topics:
US House Unveils Crypto Market Structure Bill Defining SEC, CFTC Roles and Investor Access
SEC Delays Decision on Litecoin ETF, Launch Timeline Uncertain
Gemini Lists Ripple’s RLUSD Stablecoin, Expands Adoption in U.S. Schools and Institutional Services
