Key Insights
- XRP now trades at around $2.46 at the time of writing, along with a 5% increase over the last week.
- The recent rally on XRP comes as part of a broader bullish rally across the crypto market.
- One of the biggest factors that boosted XRP’s price increase was the recent positive development in the Ripple vs SEC case.
- On the daily chart, the cryptocurrency recently flipped its 50-day SMA around $2.52 into a support level.
- Some forecasts show that the cryptocurrency could hit the $10 mark by 2030.
XRP has been making higher highs lately, with a 3% price increase over the last 24 hours alone.
The cryptocurrency now trades at around $2.46 at the time of writing, along with a 5% increase over the last week.
This counts as a recovery of more than 30% from its low of around $1.89 from its 11 March low.
So far, several factors are contributing to the ongoing bullish momentum, including the ongoing recovery in market sentiment and the strong technical indicators in its charts.
Let’s take a look at why XRP is surging.
XRP Gains Amid Broad Market Recovery
The recent rally on XRP comes as part of a broader bullish rally across the crypto market.
As indicated by the crypto heatmap, Bitcoin crossed above the $86,000 mark on 23 March, which acted as a major boost for investor confidence.
Other top cryptocurrencies like Ethereum, Solana, Dogecoin, and Cardano have also seen notable gains as shown.
Crypto Heatmap
The global crypto market cap has also increased by around 3% to a new high of $2.84 trillion, which shows a comeback in investor sentiment.
In addition, the crypto fear and greed index appears to be strengthening and is back from a low of around 10/100 to a less fearful 31/100 reading.
The general market overview | Source: CoinMarketCap
XRP has benefited from all of the above, with its trading volume surging by more than 50% on 24 March.
While the market isn’t yet at its “greed” levels, the ongoing improvement shows that investors are gaining trust in crypto once again.
Legal Clarity Boosts XRP Optimism
One of the biggest factors that boosted XRP’s price increase was the recent positive development in the Ripple vs SEC case.
Since 2020, the US Securities and Exchange Commission has accused Ripple of selling XRP as an unregistered security.
This created a great deal of regulatory uncertainty around the cryptocurrency and suppressed its price and adoption.
Ripple CEO’s Announcement on SEC Case
However, Ripple CEO Brad Garlinghouse recently took to X to announce that the SEC is dropping its appeal, which effectively brought the case to an end.
The news has been a major source of optimism in the crypto community, considering how it has lifted a major bearish cloud from XRP’s future.
With the lawsuit now resolved, the cryptocurrency is now positioned for more institutional adoption.
XRP is now more uniquely positioned for a spot ETF approval and could be set for more demand.
XRP Technical Indicators Signal Strength
More than mere market sentiment and regulatory developments, XRP’s technical indicators show that the bullish momentum just might continue.
On the daily chart, the cryptocurrency recently flipped its 50-day SMA around $2.52 into a support level.
As such, investors should keep an eye out for the $2.80 zone, as well as the psychological level at $3.00—before the next major resistance at $3.20.
Breaking through this barrier could set XRP on a path towards retesting its seven-year high of $3.40, which was last seen in January.
On the daily charts, the RSI has moved into positive territory around 52, which indicates that the bullish momentum is growing.
According to analyst Dark Defender in a recent update on X, XRP’s ability to stay above or below its key support and resistance levels around $2.22 and $2.50 will determine what happens next.
Could It Hit $10?
XRP now has regulatory clarity, and analysts are looking towards its long-term potential.
Some forecasts show that the cryptocurrency could hit the $10 mark by 2030 if Ripple successfully drives payment adoption in the digital asset space.
The Ripple RLUSD stablecoin is also expected to be a major factor in this growth and is supporting XRPs’ bullish case.
Additionally, the speculation around a possible Ripple Labs initial public offering (IPO) could be a major bullish driver.
Because of this, market analyst Crypto Patel has identified three major price gaps that the cryptocurrency needs to fill before it continues upwards.
According to the analyst, the first gap sits between $1.712 to $1.545, while the second is around $1.00 to $0.9268.
$XRP Technical Breakdown – 3 Key Gaps Identified!
Hey fam!
I just spotted 3 major GAPS on the #XRP Daily Chart, and they could play a crucial role in XRP’s next big move!Gap Zones to Watch:
1️⃣ GAP 1 – $1.712 to $1.546
2️⃣ GAP 2 – $1.00 to $0.9268
3️⃣ GAP 3 – $0.772 to… pic.twitter.com/6d94QHgPfk— Crypto Patel (@CryptoPatel) March 23, 2025
The final gap sits around $0.772 to $0.64 and while XRP is currently trading at $2.45, drops towards these levels would count as major retracements.
Still, if the token successfully rebounds from these levels, a long term move towards $10 is possible.
Overall, the current XRP surge is backed by multiple factors, including the overall market recovery, improving regulatory clarity, and more.
While the short-term price action for the cryptocurrency remains uncertain, its long-term prospects look increasingly bullish.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
