In recent days, XRP’s value has been climbing as positivity about upcoming cryptocurrency regulations surpasses the challenges posed by a recent legal appeal from the US Securities and Exchange Commission (SEC). With the departure of the SEC chairman and the appointment of Paul Atkins as his successor, some investors are hopeful that the regulatory body might choose not to continue with the case.
XRP Rises With Strong On-Chain Data
XRP’s price has hit a new record high, topping its previous major high from 2017. This rise is fueled by increasing interest in derivatives markets. According to data from Coinglass, liquidations over the last 24 hours are approaching $43 million, with sellers experiencing the majority of these at $25.2 million.
Also read: 80 Million XRP Moves to Exchanges, Correction Incoming?
The price of XRP has soared to $3.37, a level not seen in several years, as per Coingecko’s data. This altcoin, which is primarily used for payments, has shown strong growth recently, increasing by over 12.6% in just the last day, 43.8% over the past week, and an impressive 460% in the last three months.
Read more: XRP vs SEC: Expert Weighs in on Ripple Lawsuit Outcome After January 20
Despite the SEC appealing a July 2023 court decision that partially dismissed its claims against Ripple Labs, this has not negatively affected XRP’s price. The lack of downward pressure on the price is due to the announcement that Gary Gensler will be stepping down from his position after Trump’s takeover.
Over the last 24 hours, the total open interest in XRP futures on major crypto derivatives exchanges has increased by 14.07% to a new high of $8.17 billion, as reported by Coinglass. Additionally, the long/short ratio has made notable surges as it trades at 1.23. This suggests that betting against a price surge is surging as 55.2% traders are now expecting a break above the all-time of $3.4.
What’s Next for XRP Price?
XRP successfully maintained its position above the breakout level, showing that the bulls are still in charge. The price is now aiming for further surges as it holds its momentum above $3.3. As of writing, XRP price trades at $3.35, surging over 14.8% in the last 24 hours.
The XRP price continues to climb, aiming to hold momentum above $3.4. If it stays above the EMA20 trend line, this will suggest a move toward $3.5, potentially leading the XRP/USDT pair towards a target of $4.84. As a result, XRP will attain a new all-time high.
On the other hand, if the price cannot hold above $3.4, it means the bears are exerting pressure at higher prices. This might send the price toward the EMA20 trend line, resulting in a retest of the support level. This could prompt short-term traders to take profits, potentially driving the price down to the EMA100 trend line at $2.5.
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