- XRP breaks $1 after a Golden Cross, signaling strong bullish momentum.
- Legal wins and new stablecoin rumors boost Ripple’s market confidence.
- Kumo Cloud resistance remains a key hurdle for XRP’s next price targets.
Ripple’s XRP has hit $1, achieving a significant milestone. This rise follows a breakout from the monthly Kijun, sparking optimism among traders. However, the Kumo Cloud could slow further growth, acting as a key resistance level. With several bullish signals emerging, the market appears primed for more action. But challenges remain, and traders must stay alert.
Technical Indicators Show Rising Momentum
XRP recently broke out from a symmetrical triangle pattern, often a sign of big price moves. Over 320 million tokens were purchased in the past 72 hours, fueling excitement. Open interest in XRP derivatives has risen by 10.44%, now totaling $1.56 billion. These figures suggest growing market confidence and institutional involvement.
Analysts compare today’s momentum to the 2017 bull run when XRP reached $3.3. The listing on Robinhood has also attracted fresh interest, giving retail traders more access. Additionally, CryptoQuant data shows declining exchange reserves, signaling long-term confidence among investors.
Ripple’s Strategy and Legal Wins Spark Optimism
Ripple Labs has made major progress in its legal fight against the SEC. A favorable court ruling and approval for a joint motion for final judgment have eased fears of regulatory setbacks. These victories have sparked renewed trust in the long-term potential of XRP.
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Speculation about a dirham-backed stablecoin has also boosted market interest. This follows the recent launch of RLUSD, a fully U.S. dollar-backed stablecoin. Ripple’s efforts to expand its ecosystem are positioning the company as a blockchain leader.
Traders now watch the Kumo Cloud, a potential barrier that could determine XRP’s next move. Once past the cloud, XRP may quickly head for its previous all-time high. With a $57.98 billion market cap and $13.13 billion in trading volume, the momentum remains strong.
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