Following regulatory clarity from the U.S. SEC, XRP marked a significant price increase, showing market confidence.
Daily Growth and Open Interest
The support for XRP from Ripple Labs led to a notable rise in the cryptocurrency over the past 24 hours after regulatory clarity from the SEC. With a market cap of about $246 billion and a 24-hour average trading volume of approximately $10.5 billion, the XRP price rose by 7.7% to reach $2.48 on Thursday, March 20. XRP futures open interest surged by 18%, reaching $3.82 billion, causing over $36 million to be liquidated from the leveraged market.
Mid and Long-term XRP Price Expectations
The XRP price expectations indicate confirmation of a bullish breakout from a six-year triangular consolidation. From a technical standpoint, XRP is close to initiating the next bullish phase towards the price discovery phase. To maintain upward momentum, the price must consistently close above the resistance range between $2.7 and $3. In the daily time frame, there is potential for a head and shoulders reversal pattern, along with a bearish divergence of the Relative Strength Index (RSI).
Key Factors Driving XRP Growth
In the past two quarters, XRP demand has sharply increased, fueled by institutional interest and collaboration with Ripple Labs. Nearly a dozen fund managers, including Bitwise and Franklin Templeton, have filed for a spot XRP ETF with the SEC. With Ripple no longer under the SEC's scrutiny, Brad Garlinghouse predicts the approval of several spot XRP ETFs in the second quarter of 2025. Additionally, the XRPL network has significantly expanded over the years, evolving into a solid web3 ecosystem. The launch of Ripple USD (RLUSD) has helped boost on-chain activity for XRPL.
With regulatory clarity from the SEC, the XRP market shows a confident growth trajectory. Strong support from institutional investors and plans for spot ETFs further accelerate ecosystem development.
