XRP price surged 10% today, grabbing market attention with its notable performance. The Ripple price has defied broader market trends over the past several days. This rally follows the formation of a bullish flag pattern on the daily chart, signaling strong upward momentum. The recent breakout has fueled investor optimism, cementing XRP’s position as a standout performer in the crypto market. Here’s are why the XRP price is surging today.
What’s Behind XRP Price 10% Surge Today?
XRP price surged 10% today, driven by multiple factors, including speculation around Ripple’s ongoing legal case with the SEC. Market watchers are focused on the SEC’s January 15 deadline to file its opening brief in the appeal against Judge Torres’ ruling.
The broader crypto market also showed strong momentum, with Bitcoin hovering above $97,000. The global crypto market cap rose by 2.86% over the last 24 hours, contributing to positive sentiment. Major tokens, including Ripple, benefitted significantly from the bullish trend.
Ripple’s anticipated release of its stablecoin, RLUSD, on Cardano’s blockchain is another potential catalyst for the asset’s rally. The development has sparked optimism within the community, further fueling price momentum.
Additionally, political shifts in the United States appear to have boosted market sentiment. Donald Trump’s upcoming inauguration on January 20 and his pro-crypto regulatory nominations, including Paul Atkins, favor Ripple price. Meanwhile, reports suggest SEC Chair Gary Gensler will step down soon, with a crypto-friendly successor expected to take the reins.
Whale activity around XRP has been particularly noteworthy. Over the past week, whales accumulated 1.09 billion Ripple tokens, suggesting strong institutional interest. This accumulation is believed to be a significant driver of today’s price spike.
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JP Morgan analysts forecast XRP price and Solana ETFs may attract $3–8 billion in investments. The SEC is expected to announce approval decisions by late January. Anticipation builds as institutional interest in these digital assets continues to grow.
Will Ripple Price Rally To $3.5 Soon?
Crypto analyst has highlighted the XRP price impressive price action, reporting a 19% gain in recent trading sessions. The technical analysis points to a breakout from a symmetrical triangle pattern on the 8-hour chart, indicating bullish momentum.
Currently, the value of XRP is at $2.84, and an additional 43% increase is required to hit the projected $3.5 mark. The breakout suggests strong buying pressure as investors eye higher targets.
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With these factors aligning, XRP continues to draw significant attention, positioning itself as a key player in the evolving crypto landscape.
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