XRP hits two-month highs as breakout momentum points to $3 target
XRP jumped to a daily high of $2.61 in its latest rally, reaching its highest level since March 6.
The token rose 4% in the past 24 hours and is up 6% over the last week. Trading activity has picked up sharply, with XRP’s (XRP) 24-hour spot volume hitting $10.83 billion, a 193.5% increase from the previous day.
In the derivatives market, trading volume surged 237.27% to $19.4 billion, while open interest climbed 13.55% to $5.23 billion, according to Coinglass data. These figures suggest that more traders are entering the market and putting larger bets on XRP’s next move.
XRP briefly surpassed Tether (USDT) as the third-largest cryptocurrency by market capitalization following the rally. According to Santiment, a combination of positive events have contributed to XRP’s latest price surge.
These include an 11% rise in XRP holders since the beginning of the year, growing adoption through payment platforms like Travala, and Missouri’s proposed House Bill 594. The bill would allow citizens to deduct all capital gains taxes on assets like XRP and Bitcoin (BTC).
On the technical side, XRP is showing strong upward momentum. It’s trading above all key moving averages, including the 10-day and 200-day averages, both signaling a buy. The MACD is in positive territory, and the relative strength index is at 62, which suggests the token still has room to move higher before becoming overbought.
If XRP can hold above the $2.45 support level, it could push toward $2.80 or even retest the $3 psychological level. But if it falls below $2.20, it might face a short-term pullback.
Crypto analyst Dark Defender believes XRP’s latest move could be the start of a bigger wave, according to their May 10 post on X. Using Elliott Wave theory, they say XRP may have finished its Wave 4 correction at $2.07 and is now entering Wave 5, which is often the strongest part of the cycle.
They add that confirmation is still needed, but if this pattern holds, XRP could see targets between $5.85 and $6.39 in the coming weeks.
