With high odds of a Ripple ETF launching this year, crypto connoisseurs are drawing bright scenarios for the OG altcoin.
Soaring by 404.4% on a yearly basis, Ripple’s (XRP) market value hit a new all-time high of $3.65 two weeks ago. The fresh milestone has rewarded XRP Army after 7 years of waiting, despite hitting close to the previous $3.40 all-time high (ATH) multiple times at the beginning of the year.
Will XRP Price Tap $10 Due To This Outburst?
When the positive legal headwinds in the SEC vs. Ripple case flipped the perspective back to bullish, XRP garnered mass media attention amidst Donald Trump’s crypto strategic reserve announcement. Now, seasoned crypto analysts are witnessing XRP price nicely holding up against the horizontal support level on the 4-hour charts.
This is known as a classic bullish reversal pattern, notes Alpha Crypto Signal. Indicating strong demand around the $3.05 – $3.10 price territory, this behavior is a perfect example of a full-on bull reversal, if paired with accelerating trading volumes.
In order to set Ripple’s (XRP) $10 price target in motion, the popular remittance altcoin would have to sustain above $3.25 and reclaim $3.50. Notably, that will depend not only on XRP coin’s trading volumes, but also on the development of a Ripple-based ETF, the usage of RLUSD & legal wins, like the Genius & Clarity Acts.
On Thursday, XRP Ledger’s volumes on Spot markets revolved around $5.8 billion, netting considerably less than the $10 billion two weeks ago. On the Derivatives side, the action was way more intense – over $10 billion in Ripple coin (XRP) was traded in 24 hours on various levels of leverage.
The freshest XRP Perpetuals statistics were harsh on the bulls, whipping out $13.30 million worth of long positions. Meanwhile, the short-selling XRP players, otherwise known as crypto bears, took a $3.06 million loss in the same time window, per CoinGlass.
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