The cryptocurrency market is on the rise again, with XRP attracting particular attention due to its significant growth. Bitcoin and Ethereum are also showing positive trends amid the market's overall recovery.
Reasons for XRP's Surge
The surge in XRP is attributed to multiple factors. Institutional buying increased after XRP broke through resistance levels at $2.87, $2.92, and $2.97. The most notable influence comes from the South Korean exchange, where XRP has become the most traded cryptocurrency.
On Korea's largest exchange alone, XRP saw nearly $500 million in 24-hour trading volume as Korean traders piled in, contributing to the price rise.
Possible Horizons for XRP
Technical analysis indicates that XRP is holding strong above the $2.73 support level, attracting late buyers. The Relative Strength Index (RSI) is forming higher lows, hinting at building strength. Volume data shows heavy buying interest near $2.97. If bulls manage to push the price above $3.14, XRP could test the $3.48–$3.65 zone, just shy of its all-time high of $3.66.
Ripple vs SEC Update
Adding to the positive forecasts is news that the long-running legal fight between Ripple and the SEC may soon come to an end. Ripple has agreed to pay a $125 million fine and dropped its appeal, while the SEC is expected to do the same, likely by August 15. A settlement could remove significant uncertainty and open the doors for greater institutional adoption.
Despite warnings regarding conditions such as a potential short-term dip based on MVRV data, the overall sentiment towards XRP remains positive due to strong support, rising institutional flows, and legal clarity on the horizon.
