XRP has reached an all-time high (ATH) of $3.84 amidst positive US legislative changes and rising retail demand.
Retail Interest Drives XRP Higher
XRP has surged by 7.02% over the past 24 hours, marking a significant event for investors. This rally coincides with new legislation in the US that has heightened interest in cryptocurrencies. Analyst Dom Traderview2 noted, “We’re seeing a clear wave of retail flood in,” as retail investors have actively increased net buying on major exchanges like Coinbase and Kraken. The boost from retail buyers has led to a sharp rise in XRP's daily trading volume, which now stands at $22.5 billion.
Institutional Demand and Regulatory Updates
Institutional demand for XRP is also on the rise, with companies such as VivoPower and Webus planning to purchase $421 million in XRP for their corporate treasuries. The recent regulatory developments in the US are further supporting the growth of XRP's institutional appeal. Additionally, recent bills regarding stablecoins, like the GENIUS Act, align with Ripple’s ambitions to advance in the financial system.
Technical Indicators Show Bullish Momentum
Technical indicators for XRP suggest that the price could continue to rise. The Moving Average Convergence Divergence (MACD) has produced a bullish cross, indicating a positive trend. The Relative Strength Index (RSI) on the weekly chart also shows that XRP has room to run before reaching overbought levels. The token’s bull pennant formation on the weekly chart projects a potential 305% rally, with a target price of $14.
Overall, XRP shows strong growth, supported by both retail and institutional buyers, reflecting favorable market conditions and legislative changes.
