XRP Price Crosses $3 Mark Amid Bullish Sentiment: What’s Next?

• For the first time since 2018, the XRP price rose 30% in a week, hitting $3.
• Rapid price changes were driven by ETF speculation and whale accumulation.

The past few weeks have been stellar for the Ripple (XRP). The token rose over 30% due to massive whale accumulation and speculation regarding the Exchange-traded fund (ETF).

XRP price has escaped the $3 barrier for the first time since 2018, marking a pivotal moment for the crypto community. It has surged by 194% in the past eight weeks and has surpassed Bitcoin’s annual growth of 124% in 2024.

At press time, the XRP crypto was trading at $3.07, noting a rise of over 8.20% in the past 24 hours. Its market cap surged to $176.60 Billion, and its trading volume rose by over 85%. That conveyed heightened bullish sentiment among the participants.

Ripple Vs. SEC: How the Legal Battle Shapes XRP’s Future

The ongoing battle between Ripple and the SEC continues to influence the XRP price dynamics. The SEC sued Ripple in December 2020 for conducting a securities sale of XRP without registration.

The courts, up until 2023, acknowledged that XRP retail transactions were not securities offers. The SEC was permitted to appeal the decision of institutional sales.

Ripple’s Chief Legal Officer Stuart Alderoty has described the agency’s decision to proceed with the appeal as reckless. Alderoty described the SEC’s refusal to grant the delay as ‘taxpayer dollars wasted.’

What’s Fueling XRP’s Latest Rally?

The recent XRP price rally comes at the backdrop of growing speculation over the possible approval of an ETF. On the same note, the expectation of new steps by the U.S SEC in its legal battle against XRP could fuel further rally ahead.

Paul Atkin, the next potential SEC chairman, may decide to reverse any of the agency’s actions. That includes lawsuits against Coinbase and Ripple.

With all this optimism in hand, the XRP crypto price has breached the $3 hurdle for the first time since 2018. It recorded a massive breakout and gained huge momentum. Additionally, the token is expected to see more rallies ahead.

XRP Whale, a crypto enthusiast handle on X, recently posted that the token had broken out of the symmetrical pattern. If it sustained above the $3 mark, it could ascend a rally toward the $10 mark in the short term.

Despite the market uncertainty, the XRP price maintained the upward momentum. It has sustained the rise above the $3 mark and outperformed the crypto market.

XRP Price Prediction: Decoding the Charts

XRP price has crossed the $3 resistance mark and displayed a bullish streak, rising over 30% weekly. The strong upward momentum has pushed XRP beyond the key EMAs and showed bull dominance.

The Relative Strength Index (RSI) curve had a reading of 72, representing strong bullish momentum on the chart. It depicted overbought readings and signals a caution of any pullback in the short term.

However, a break above the $3.30 mark could pave the way toward the $4 mark in the coming days. At the same time, a drop below the $2.80 mark could see a short-term retracement to the $2.50 mark ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.