Why XRP Is Going Up: Ripple Price Soars Will XRP Hit $10
Why Ripple XRP Is Going Up Today and XRP Price Prediction to Watch
XRP Price Hits Multi-Year High: A Detailed Analysis of the Rally
XRP has made headlines by surging over 23.30% within 24 hours, reaching a multi-year peak of $1.4, a level not seen since 2021. This impressive rally has been driven by a combination of regulatory shifts, whale activity, and technical breakouts, cementing XRP's position as a major player in the crypto market.
What’s Behind The Ripple Rally
Resignation of SEC Chair Gary Gensler
The announcement of Gary Gensler’s resignation as SEC Chair marked a pivotal moment for XRP. With President-elect Donald Trump expected to appoint a crypto-friendly successor, the XRP community welcomed this as a positive sign. Gensler’s resignation, effective January 20, comes amid the Ripple lawsuit appeal, sparking optimism for legal clarity and further fueling bullish sentiment.
Impact of a $25M Short Squeeze
A sharp short squeeze in the crypto market contributed significantly to XRP’s momentum. Over the past 24 hours, $406 million in crypto leveraged positions were liquidated, with $25 million coming from XRP markets alone. This forced liquidation of short traders amplified the upward pressure, encouraging more traders to go long on XRP.
Whale Accumulation and Rising Open Interest
Whale investors have played a critical role in XRP’s surge. On-chain data reveals aggressive accumulation by whales in anticipation of regulatory clarity in the United States. This spike in demand was further reflected in XRP’s daily trading volume, which soared to $17.3 billion.
Moreover, according to Coinglass data, XRP’s Open Interest (OI) climbed from $1.81 billion to a record-breaking $2.17 billion in just 24 hours. This rise in OI highlights the influx of new capital and bolsters the bullish narrative for XRP.
XRP Dethrones Dogecoin and Achieves $140 Billion Valuation
Over the past two weeks, XRP has surged by 150%, pushing its fully diluted valuation to a multi-year high of approximately $140 billion. This rally has also enabled XRP to overtake Dogecoin (DOGE), securing its position as the sixth-largest cryptocurrency by market capitalization.
Is XRP Heading to $10?
Additionally, XRP broke out from a multi-year symmetrical triangle, and its Relative Strength Index (RSI) surged above 70%, signaling strong bullish momentum not seen since April 2021. XRP has broken above the crucial $0.9350 resistance, supported by a golden cross on the weekly chart, signaling a strong bullish trend.
Key targets include $1.97, its April 2021 high, and $3.54, the all-time high. A breakout above $3.54 could propel XRP to $5, with a $10 target becoming plausible if bullish momentum persists.
