Amid the bullish momentum, XRP surged remarkably in the last 30 days, breaking its long-awaited $2 mark, and now heading to a new target, according to the crypto analyst.
As new developments and bullish events in favor of XRP occur, the cryptocurrency is showing strong upward momentum. ChiefraT, a crypto analyst on X, speculates that it could target the $2.84 mark after breaking the $2 barrier.
At the time of publication, the token was already trading at around $2.68, having risen by a staggering 40% in 24 hours.
Another crypto analyst, Raoul Pal, highlighted the XRP’s promising technical setup. He noted that the last time XRP broke out of a long wedge pattern, it surged an 5,600%. While such an intense rally is very unlikely to repeat once again, the analyst indicated a significant upward movement in XRP.
You’ve got to admit, $XRP is a good looking chart. Last time it broke a long wedge pattern it rose another 5,600%! (obvs wont repeat but you get the point – i can go up a lot) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3
— Raoul Pal (@RaoulGMI) December 2, 2024
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If this happens, the cryptocurrency could likely break a psychological mark of $3.
Growing Community Support and Legal Optimism Boost XRP’s Surge
XRP has recently seen a remarkable surge in value, with three prominent exchanges driving growing trading activity via futures open interest of XRP contracts. Binance leads this trend with 535 million XRP contracts,
Furthermore, the growing demand for spot exchange-traded funds (ETFs) has also allowed XRP to enter Wall Street like Bitcoin and Ethereum. Earlier this year, Bitcoin and Ethereum made their debut in the mainstream market with the first spot ETF launch.
Major ETF player, Wisdom Tree has filed for an XRP spot ETF, joining the club with Bitwise and Canary Capital in this push. The Bank of New York Mellon would administer the proposed trust. The success of other crypto ETFs has sparked speculation that future crypto ETFs, like an XRP spot ETF could also surge asset values.
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Also Read: XRP Futures Open Interest Hits $3.91 Billion
