- XRP price has risen by more than 13 percent in the last week and its current momentum and market fundamentals bring its ATH into focus.
XRP price has returned to the upside on Monday, trading at $2.45 and up by 3.7% at the time of writing. The coin has gained 13% in the last week and the upside momentum is likely to continue in the wake of thawing risk aversion following US-China trade tariff cuts. At its current level, XRP price is about 28% below its all-time highs recorded in January 2018, and reclaiming the $2.50 support could raise the prospect of breaching that mark in the coming weeks.
The XRPUSD pair’s traded volume was up by 4.2% in the 24 hours leading up to this article, underlining rising buying appetite despite the price spike. The coin’s issuer, Ripple Labs and US market regulator, Securities and Exchange Commission (SEC) last week formally filed a letter requesting to settle the long-running court case that had subdued XRP price upside.
Analysts opine that the termination of the case coupled with XRP’s prominent role in the RLUSD stablecoin functionality and financial settlements could be the beginning of a stronger upside propulsion in the medium and long-term.
Meanwhile, the value of XRP’s open interest contracts rose by 3.5% in the last 24 hours to hit $4.85 billion. That points to growing bullish inclination towards the coin, which will strengthen its near-term gains.
Elsewhere, 19 XRP spot ETF applications are lined up for review and potential approval by the SEC later in the year. In the intervening period, investors will be looking forward to trading of XRP futures on Coinbase beginning May 21. These set up the coin for increased impetus in the coming days.
XRP Price Prediction
The momentum on XRP price calls for further upside above $2.42. The coin will likely encounter the next barrier at $2.47. However, a stronger upward momentum will go above that mark and could go on to test $2.50.
Conversely, XRP trajectory could go downward if the price breaks below $2.42. That will likely see it find the first support at $2.39. However, the price will break below that level if the sellers extend their control. If that happens, the upside narrative will be invalid, and the second support could come at $2.34.
