In a single New-York trading day, XRP surged almost 10%, mirroring a ferocious bid across the entire digital-asset complex and closing Thursday, 8 May at its highest mark in roughly two weeks. Analysts trace the rally to a cocktail of macro relief, order-book mechanics and renewed alt-season positioning—factors that coincided in a narrow window and magnified one another. Why Is XRP Up Today? The initial spark came from macro headlines. News of a fresh trade accord between Washington and London tempered fears of escalating tariffs, while word of forthcoming minister-level talks between US and Chinese officials signalled a potential thaw in the world’s most consequential bilateral trade standoff. The calmer outlook flipped global-macro desks into a risk-on stance just as New York opened, and Bitcoin responded first, catapulting through the psychologically loaded $100,000 handle on a strong spot demand. The vertical move forced short sellers to buy back exposure; that “short squeeze,” by definition self-reinforcing, spilled rapidly into major altcoins and lifted XRP alongside the broader tape. Related Reading: VWAPs Don’t Lie—XRP Faces Judgment Day At Monthly Support On-chain flow data added a powerful regional twist. Crypto-market analyst Dom (@traderview2) noted that the South-Korean exchange Upbit—historically an XRP bellwether—flipped from net seller to aggressive accumulator in less than forty-eight hours. “Finally Upbit market changed their tune and are the strongest buyers over the last 24 hours,” he posted to X, specifying that Binance followed closely with a net 9 million XRP absorbed. “We are seeing the strongest taste of aggressive market buying that we have seen in over a week. Key is to see it continue.” The volte-face was striking because only 6 May the same commentator had tallied 220 million XRP in cumulative net sales on the KRW pair since 11 April—roughly $500 million of distribution. The reversal underscores how swiftly sentiment can shift when liquidity concentrates in a handful of regional venues. Technicians, meanwhile, drew attention to inter-market breadth. Bitcoin dominance, a gauge that measures the flagship token’s share of total crypto market capitalization, slipped from 65.38% to 64.43%—its sharpest single-day contraction in weeks and a classic tell that capital is rotating into altcoins. Related Reading: XRP Price Repeating History? 2017-Like Rally To Send Price To $10 Dom mapped the shift onto higher-time-frame structure, writing that “TOTAL, the total market cap of crypto, has just hit its uptrend it has held over the last 18 months […] This also coincides with the POC of the volume profile since late 2023.” Point of Control (POC) levels are where the largest amount of volume has historically traded; rebounds from such nodes often act as springboards. In a follow-up post he added, $TOTAL has regained its 2021 highs—yes, all you needed to do was bid the apex of support and the multi-year uptrend.” The same pivot is visible on XRP’s own chart. Dom highlighted that bulls “just breached the quarterly VWAP for the first time in 50 days… If it can hold as support, I am looking at the ATH VWAP as the next stop (US $2.47).” While that target lies some distance above Thursday’s closing price, the break of a multi-week volume-weighted average price is, in technician parlance, a changing-of-the-guard signal that often forces trend-following algorithms to flip long. At press time, XRP traded at $2.31. Featured image created with DALL.E, chart from TradingView.com
XRP’s open interest has increased by $6 billion since the start of the month as the altcoin soared to new all-time highs.
On Wednesday, the XRP price surged to its highest valuation in seven years, briefly reaching $3.02 and marking a substantial gain of nearly 30% over the past two weeks. This impressive performance stands in stark contrast to the broader cryptocurrency market, where major players like Bitcoin (BTC) and Ethereum (ETH) have struggled to maintain upward momentum. Analyst Highlights ‘Massive Bullish Breakout’ For The XRP Price Analysts are now predicting that the XRP price and its upward trajectory may continue, driven by strong buying pressure and positive market sentiment seen during the past month. Notably, market expert and technical analyst Ali Martinez recently identified in a social media post on X (formerly Twitter) what he describes as a “massive bullish breakout” for the XRP price. Related Reading: BREAKING: BitMEX Fined $100 Million For US Money-Laundering Violations According to Martinez’s analysis, on-chain data indicates a significant accumulation of XRP coins, with over 1.10 billion tokens purchased in the past week alone.This aggressive buying activity has created a sense of momentum, further supported by technical indicators. Martinez further highlights that the XRP price has broken out of a bull pennant formation—a classic bullish pattern that suggests further price increases could be on the horizon. The analyst posits that if the current buying trend persists, the XRP price could potentially reach new all-time highs of $10, significantly exceeding its current record of $3.40 reached in 2018. However, not all indicators are pointing toward unmitigated success. Martinez also highlighted that the TD Sequential indicator, a popular tool among traders, has flashed a sell signal on the 4-hour chart for the XRP price, suggesting that a price correction in the short-term could be imminent. The Crucial Hurdle For XRP’s Continued Bullish Momentum Adding to the optimism for XRP holders, another analyst known as Dom has drawn comparisons between the current price action and that of the XRP price in 2017. Dom’s analysis shows a striking fractal pattern, where XRP spent 25 days in a consolidation phase before experiencing a significant rally. Related Reading: Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target Currently, XRP has been consolidating for about 30 days, leading Dom to predict a similar bullish breakout could follow, potentially leading to new all-time highs. As of the latest trading, XRP has retraced slightly to around $2.93, attempting to establish this level as support for future gains. However, the $3 mark remains a formidable resistance level, representing a barrier that has not been surpassed in over seven years. Overcoming this threshold will be critical for XRP to maintain its bullish momentum and for traders to gain confidence in the altcoin’s long-term trajectory. Featured image from DALL-E, chart from TradingView.com
XRP spot traders provided the volumes needed to send the altcoin above $3. Is a new all-time high the next stop?
XRP price continues to show strength versus the wider crypto market. Cointelegraph explains why.
XRP’s market structure suggests that the altcoin is gearing up for a run to new all-time highs.
XRP should attain a 260% gain or a $6.40 price target after a breakout, but a delay may affect the chart pattern’s outcome, says Peter Brandt.
In a notable display of resilience amidst a broadly subdued crypto market, XRP has surged 6.7% in the last 24 hours. Following a dip to as low as $1.90 on December 10, the asset is once again trading above $2.36, defying the predominantly bearish sentiment that has taken hold of the altcoin sector. While most altcoins have posted losses or traded sideways over the same period, and Bitcoin has registered only a modest 0.7% gain, XRP’s recent outperformance stands out as a clear anomaly. So, why Is XRP outperforming the crypto market? #1 Imminent Launch Of Ripple’s Stablecoin RLUSD A key catalyst behind XRP’s rally appears to be the imminent launch of Ripple’s long-discussed stablecoin, RLUSD. Yesterday, Ripple CEO Brad Garlinghouse confirmed via X that RLUSD had secured a pivotal regulatory approval. He stated: “This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first.” Related Reading: Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms RLUSD, currently in beta testing on both the Ethereum network and the XRP Ledger (XRPL), has sparked enthusiasm within the XRP community. Members speculate that the stablecoin’s introduction could catalyze increased liquidity and utility for XRP, and the anticipation may be contributing to a surge in speculative interest and so-called “FOMO” (fear of missing out). #2 Strong XRP On-Chain Activity On-chain analysis from Santiment points to encouraging metrics for XRP. The firm noted that “Mean Dollar Invested Age is flashing a bullish signal,” highlighting that younger coin age distributions often precede continued rallies. According to Santiment, the Mean Age of investment for XRP is 865 days (22% younger in 14 weeks). Thus, activity on the XRP network is increasing, with historically similar patterns not reversing until these key indicators start reversing. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible “This is one of the key indicators throughout the history of each coin’s lifespan that helps validate that a bull market can and should continue. The 2017 and 2021 bull markets similarly did not come to a halt until assets’ mean ages started going ‘up’ (getting older) again. Though short-term price volatility can continue to be expected, consider this a very valuable bode of confidence if you remain bullish on market prices in the mid and long term,” Santiment states. #3 Whales Buy The Dip Amid Bullish Technical Setup From a technical perspective, the XRP price structure remains extremely bullish on the higher time frames. On the daily chart, XRP managed to hold support above the April 2021 high at $1.96, rebounding swiftly towards the 1.272 Fibonacci extension level near $2.42, where it currently hovers. A sustained break above $2.42 could further reinforce the bullish narrative. Notably, whales recognized the chance and bought the retracement. Crypto analyst Ali Martinez noted via X: “In the recent dip, whales bought over 100 million XRP!” Featured image created with DALL.E, chart from TradingView.com
The XRP price is experiencing a significant uptick, rising 20% over the past two days and an impressive 47% in the last five days. The surge can be attributed to a confluence of factors, including speculation surrounding SEC Chairman Gary Gensler’s potential resignation, favorable regulatory tailwinds under the incoming Trump administration, increased whale activity, and a notable technical breakout. #1 Speculation About SEC Chairman Gary Gensler’s Resignation A primary driver behind XRP’s recent price movement is the growing speculation regarding the possible resignation of Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC). On November 14, Gensler delivered a speech at the Practicing Law Institute’s 56th annual conference on securities regulation, where he lauded the efforts of the SEC. “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler stated. The crypto community on Xinterprets this speech as a potential farewell address, especially in light of the upcoming transition following Donald Trump’s victory in the US presidential election. Investors anticipate that the Trump administration will appoint a pro-crypto chairman to lead the SEC. “I will fire Gary Gensler on day one,” Trump pledged during the Bitcoin 2024 conference. Brad Garlinghouse, CEO of Ripple Labs, echoed these sentiments on X: “Joined Cantor’s annual Crypto Conference today – safe to say that the US is ready to be the crypto capital of the world with the next Trump Administration. Also an apt shirt to wear..on perhaps what are Gary Gensler’s last days in office?!” After Gensler’s resignation, there’s speculation that the SEC might reconsider its appeal against Ripple Labs, potentially alleviating regulatory pressures that have weighed heavily on the XRP price over the last years. #2 Regulatory Tailwinds For XRP Under Trump The anticipated policy shift under the incoming Trump administration is another critical factor contributing to the XRP price appreciation. The administration is reportedly preparing to adopt a more permissive stance toward crypto, with plans to appoint industry-friendly candidates to key regulatory positions. “Chatted with Tony Romm about how the incoming Trump Administration is already engaging proactively with the crypto industry on clear rules of the road… what a breath of fresh air!” Garlinghouse remarked today on X. Further emphasizing the potential positive impact, Garlinghouse stated via X: “I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support. A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey. ~6 years since the SEC started meddling in the crypto market, picking winners and losers… ~4 years since the SEC sued Ripple. He added, “Now FINALLY we see a light at the end of the tunnel as these external (frankly unnatural and manipulative) market factors fade. The tides are shifting, headwinds are turning to tailwinds, and the opportunity for those of us who believe in the future for XRP is enormous!” #3 Increased XRP Whale Activity Whale activity, indicative of large-scale investments by major holders, has also played a significant role in the XRP price surge. On-chain analysis firm Santiment reports on X: “Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June 2018. In the past 2 years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase. Traders have enjoyed a +40% return in the past 7 days.” #4 Technical Breakout Complementing the fundamental drivers are technical factors contributing to the XRP price action. XRP has broken above a six-year-long symmetrical triangle pattern, a significant technical indicator that suggests the potential for sustained upward momentum. Historically, such breakouts have preceded notable price increases, and in XRP’s case, the price had previously declined by as much as 97% during the formation of this pattern. At press time, XRP traded at $0.85. Featured image created with DALL.E, chart from TradingView.com
XRP price could imitate and "pull like Dogecoin" if a bullish chart pattern is confirmed.
Over the past nine days, XRP has experienced a significant rally, climbing from $0.4957 on November 4 to a peak of $0.7407 today on Binance—a surge of over 50% at one point. Approximately 30% of this ascent occurred within the last 48 hours. However, following this rapid rise, XRP saw a sharp correction, retreating by -12% to $0.65 as of press time. These are the key reasons for the rally: #1 XRP Funding Rates and Social Dominance Spike One of the primary drivers behind the XRP price surge appears to be heightened social media activity and shifts in funding rates. On-chain analytics firm Santiment noted via X that the XRP community “has erupted with excitement and discussions related to crypto’s #7 market cap,” with over 4% of all coin discussions currently related to XRP following its 45% breakout over an eight-day span. The firm emphasized that surpassing $0.74, XRP’s year-high back in March, will largely depend on “FOMO staying at bay, and funding rates on large exchanges like Binance not getting too weighed down by longs.” Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New Rally Santiment’s analysis highlighted that the ratio of Binance XRP long versus short positions has reached its highest point since March 31, indicating strong bullish sentiment among traders. They also observed that previous spikes in social dominance, such as those at the beginning of August, served as perfect top signals, suggesting that the current surge in social discussions could precede a market correction. Conversely, Santiment also pointed out that the previous social spike marked a bottom signal. #2 Gensler Resignation This Week? Speculation about potential regulatory changes is also influencing XRP’s market dynamics under the Trump administration. Pro-crypto lawyer James “MetaLawMan” Murphy shared an intriguing timeline via X, drawing parallels between US presidential elections and the resignations of SEC chairs. Related Reading: Could XRP Explode After US Elections? Data Hints At Massive 60,000% Rally He noted that after the 2016 and 2020 elections, SEC chairs Mary Jo White and Jay Clayton announced their resignations shortly after the results. Murphy suggested that with the 2024 election, there could be expectations for current SEC Chair Gary Gensler to resign, posting, “Hey Gary Gensler, we’re waiting.” Time to say Goodbye Gary! Nov. 8, 2016: Trump elected Nov. 14, 2016: Mary Jo White (SEC Chair) announces her resignation Nov. 3, 2020: Biden elected Nov. 16, 2020: Jay Clayton announces resignation Nov. 5, 2024: Trump elected Nov. __, 2024: Hey @GaryGensler, we’re waiting — MetaLawMan (@MetaLawMan) November 12, 2024 This speculation is particularly significant for the XRP community because of the ongoing legal battle between Ripple and the SEC. President-elect Donald Trump has explicitly stated his intention to remove Gensler from his position on his first day in office, citing the need for a more crypto-friendly SEC chairman—a statement he made at the Bitcoin 2024 conference. Ripple CEO Brad Garlinghouse has shown strong support for this potential change, urging Trump to appoint replacements more favorable to the crypto industry, such as Chris Giancarlo, Brian Brooks, or Dan Gallagher. Garlinghouse highlighted the need for regulatory clarity, especially concerning digital assets like Ethereum and XRP. The speculation among some Ripple supporters is that Gensler’s removal could lead to a more favorable outcome for Ripple, potentially through the SEC dropping its appeal in the case. The market seems to be reacting to this speculation, with investors possibly trying to front-run the news in anticipation of a settlement or regulatory shift. At press time, XRP traded at $0.65. Featured image created with DALL.E, chart from TradingView.com
XRP's gains of 36.83% this quarter is its highest quarterly rise since Q1 2023.