XRP shows strong technical signals for a potential price surge amid new developments in the crypto space.
The XRP price has shown remarkable strength in recent weeks, surging by more than 70% and outperforming Bitcoin and Ethereum. This strong performance can be attributed to several technical indicators signaling a potential price surge, as well as new developments involving the Federal Reserve and the SEC.
CrediBULL Crypto, a crypto analyst, has highlighted the bullish momentum indicators for XRP on higher timeframes. The XRP/USD monthly Relative Strength Index (RSI) is approaching overbought territory for the first time since 2021. According to the analyst, higher RSI values indicate stronger momentum, especially on large caps.
CrediBULL has set price targets of $2 before XRP pushes toward a new all-time high. XRP is also showing momentum against Ethereum, having broken and retested a 4-year range resistance. At press time, XRP trades at $1.40, having surged by 5.78% in the last day and 72.26% over the past week.
Another factor contributing to XRP’s strong performance is the growing institutional acceptance of the token. Recent reports have indicated that the Federal Reserve is considering XRP and Stellar (XLM) as blockchain options for the FedNow payment system.
The FedNow system aims to enable instant payments across the United States, and the consideration of XRP showcases growing recognition of blockchain’s role in traditional finance.
Finally, the announcement of SEC Chair Gary Gensler’s planned departure in January 2025 has also played a role in XRP’s price動き. Gensler’s departure opens questions about future regulatory approaches, as the SEC’s stance under his leadership influenced market dynamics.
The agency’s regulatory framework was shaped by multiple enforcement actions and policy statements, impacting crypto exchanges and tokens. Overall, the combination of technical, institutional, and regulatory developments points to a dynamic phase ahead for XRP.
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