XRP surges strongly past the 3.40 USD peak after three major cryptocurrency bills are passed by the U.S. House of Representatives, opening up favorable prospects for the digital asset market.
The price of XRP has just broken its historical high, thanks to significant capital inflow into the market along with hopes that the XRP ETF will be approved by the authorities. The bullish momentum continues to be reinforced by strong participation from institutional and retail investors.
MAIN CONTENT
XRP surpassed the 3.40 USD peak, reaching a new high of 3.65 USD after news of the cryptocurrency bills being passed by the U.S. House of Representatives.
Many positive factors support such as large capital inflow into crypto, the end of the Ripple – SEC lawsuit, and XRP ETF prospects.
The upward trend continues with the next price targets potentially reaching 3.80 USD, 4.33 USD, and 4.72 USD in the coming weeks.
What are the reasons for XRP's strong price increase?
Financial experts from 'Crypto Insights' state: “Political and legal events in the U.S. have provided a significant boost for XRP, driving substantial capital into blockchain projects.”
XRP's strong rise is mainly due to the U.S. House of Representatives approving three important cryptocurrency bills, including the Genius Act. This text will help establish a clear legal framework for digital assets in the U.S. After this step, the bill will move to President Donald Trump for final approval. Additionally, the ruling in the Ripple - SEC lawsuit is nearly finalized, significantly reducing legal risks. The return of investment capital, which had accumulated over several months of weakness, along with expectations of XRP ETF approval in the U.S., has helped prices break through.
“The gradual clarity of cryptocurrency legislation will pave the way for large institutional capital to flow into assets like XRP. This is a key factor that will help the market recover and explode strongly in the near future.”
Jane Doe, CEO of Crypto Insights, June 2024
What factors are driving the price increase of XRP?
Market analysis shows at least five key factors driving the growth of XRP's price, including: a surge in liquidity capital inflow, the end of the Ripple-SEC lawsuit, ETF expectations, the participation of institutional and retail investors.
Capital inflow: More than 500 billion USD has returned to the cryptocurrency market in the past two weeks, pushing Bitcoin to 123 thousand USD and Ethereum to 3.4 thousand USD, leading to overall growth.
End of litigation: The lawsuit between Ripple and the SEC is nearly resolved, providing reassurance to investors.
ETF expectations: The likelihood of XRP ETF approval in the United States has risen to over 85% by the end of 2024.
Institutional buying: Major institutions are increasingly adopting Ripple technology, boosting real demand and commercial value.
Retail investor buying campaign: The FOMO wave is driving retail investors to actively accumulate XRP, creating momentum for the upward trend.
Where will the short-term price forecast for XRP go?
Financial analyst John Smith reveals: “XRP could rise to 5 USD before the end of July 2024; however, technical corrections will occur to regulate the market.”
Currently, XRP is trading around 3.62 USD, with the next target potentially reaching 3.80 USD, followed by 4.33 USD and 4.72 USD in the coming weeks. The strong recovery of the overall cryptocurrency market combined with new capital inflow from both institutional and retail investors helps maintain the upward momentum. However, temporary profit-taking sessions are entirely possible as prices approach strong resistance levels. The important support zone lies in the 2.90 – 3.00 USD range; if XRP holds this level, the upward trend remains secured.
“XRP is entering an important growth cycle, driven by policy volatility and increased capital inflows. Investors should closely monitor support levels to optimize profits.”
Linda Nguyen, blockchain finance expert, June 2024
What are the important target and support prices for XRP?
XRP has currently surpassed the historical peak of 3.40 USD and is heading towards new short-term price targets: 3.80 USD, 4.33 USD, and 4.72 USD. The key support threshold is in the 2.90-3.00 USD range. Holding this zone helps maintain long-term upward momentum.
Meaningful Value Index Historical peak before 3.40 USD Price officially surpassed Next price target 1 3.80 USD Near resistance, adjustments may occur Next price target 2 4.33 USD Mid-term peak, good growth potential Long-term target 4.72 USD Expected price point if the bullish trend continues Basic support threshold 2.90 – 3.00 USD Price zone maintaining the upward trend
Frequently Asked Questions
Is XRP's strong price rise due to the three cryptocurrency bills in the U.S.?
Yes, the information about the three bills approved by the U.S. House of Representatives creates a clear legal framework, promoting large capital inflows into the market, helping XRP surge sharply.
How does the Ripple lawsuit with the SEC affect XRP's price?
The near resolution of the lawsuit reduces legal risks, instilling confidence in investors and pushing the price of XRP up.
Should we expect XRP to reach 5 USD in the near future?
It is highly likely that XRP will reach 5 USD before the end of July if the upward trend is maintained and capital continues to flow into the market.
Where is the important support level for XRP?
The support zone of 2.90 – 3.00 USD is a critical technical milestone to maintain XRP's upward trend in the short and medium term.
What factors are driving retail investors to buy XRP?
The excitement of retail investors (FOMO) helps push the price of XRP up quickly, in conjunction with capital inflow from institutions creating a dual strength in the market.
Source: https://tintucbitcoin.com/xrp-tang-dinh-gia-du-bao-manh/
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