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XRP (XRP) has jumped by 8% in the past 24 hours and currently sits at $2.55 per token as technical indicators have confirmed what seems to be the beginning of a fresh bullish cycle for altcoins.
As a result of this latest rally, XRP’s yearly gains now sit at 22.8%, making it the best-performing cryptocurrency of the top 5.
Other altcoins, including Ethereum (ETH) and Solana (SOL), have also been performing quite well lately, with 30-day gains of 49% and 31%, respectively, but neither of these two has managed to reverse their annual losses yet.
A set of legal victories against the U.S. Securities and Exchange Commission (SEC), changes in the regulatory agency’s leadership team for a pro-crypto head, and a radical shift in market sentiment have benefited the performance of XRP recently.
Trading volumes have more than doubled today, with nearly $10 billion worth of XRP exchanging hands in the past 24 hours alone. This figure accounts for 6% of the token’s circulating supply.
The launch of Ripple USD (RLUSD) has also improved XRP’s prospects as this Ripple-native stablecoin could accelerate the project’s progress toward its vision of becoming the world’s preferred cross-border payments platform.
XRP Set Eyes on $3.2 Target After Descending Channel Breakout
XRP’s daily chart shows how the price has rallied after a strong break above its descending price channel. This bullish breakout was accompanied by above-average trading volumes.
Moreover, the price has now risen above the point of control (PoC), which is the area where most of the trading volume has been concentrated in 2025. This indicates that bulls are now in control of the price action.
There seems to be strong resistance at around $2.6 – $2.8, as selling pressure at these levels has been strong throughout the year.
If XRP breaks above this level, it will encounter little resistance to reach our short-term target of $3.2. This means that the odds that XRP could rise and retest its all-time highs are at their highest point since January.
Momentum indicators are extremely bullish as the Relative Strength Index (RSI) has risen near overbought levels. Although some interpret this as an early indication of an upcoming reversal, it is also a signal that the uptrend’s strength is quite high.
Hence, although the price could pull back a bit, the short-term outlook will still be bullish.
The key support levels to watch moving forward would be the 21-day and 200-day EMAs. As long as the price stays above these key areas, it is highly likely that XRP will continue to rise and make higher highs.
When XRP peaked back in January 2024, the distance between the price and the 200-day EMA was 133%. The price was heavily stretched by then by all measures. Right now, that distance is much shorter at 24.8%.
Can XRP rise to $4? If this recent bear market was just a mean reversion, the price will now be starting its ascent from a higher low. As late buyers enter and FOMO takes the reins, the odds that XRP will reach new heights are quite high.
Similar to XRP, Bitcoin (BTC) has been rising steadily in the past couple of weeks and has already broken above the $100,000 psychological threshold.
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