- Summary:
- XRP price registered successive double-digit gains on the daily chart, bringing it within 30 percent of the $2 target.
XRP price skyrocketed on Friday, with the coin gaining 11 percent at the time of writing to trade at $1.40. The newfound momentum has made the $2 mark a valid target as the crypto market rally continues to strengthen. The market bellwether, Bitcoin hit a new record high of $99,500, creating excitement across the markets as the milestone $100k price came within reach.
Why XRP is poised for further upside
Ripple price rose by double digits for the second successive day, reaching the highest level since May 2021. For an asset that has fought seemingly unending legal battles, things couldn’t be better. Many investors are now more likely to stash up XRP as it becomes increasingly likely that the SEC vs Ripple case could be nearing its end.
XRP stayed in the top 10 crypto ranking amidst the $2 billion lawsuit, and a rally in the current market gives us a glimpse of what could have been. With XRP spot ETF approval likely in the pipeline, the crypto coin’s upside could be explosive. Meanwhile, its recent listing by Robinhood has opened up a broad new market that has increased demand and added upward propulsion to the price.
XRP is among the few crypto coins that have almost seamlessly integrated with the mainstream financial markets, and an end to the SEC case could trigger greater institutional adoption. XRP was built to enhance cross-bank settlement by removing barriers like slow transaction speeds and high transaction costs.
The last time XRP was at the $2 level was in February 2018, and it now needs to gain 30 percent to return to those heights. That does not seem like a daunting task for an asset that has gained 79 percent in the last week.
XRP price prediction
On the chart below, XRP price looks set to stay on the upside above 1.380. With the buyers in control, the first resistance is likely to be at 1.422. However, a stronger upward momentum will take the price above that level and potentially test 1.450.
On the other hand, moving below 1.380 will put the sellers in control. In that case, the price is likely to move to the first support at 1.359. A break below that level will invalidate the upside narrative, and the momentum could send the price lower to test 1.322.
