The currency $XRP recorded a significant increase during trading on May 10, supported by a general upward wave in the cryptocurrency market, as investors were optimistic about improving global economic conditions following developments in trade negotiations between the U.S. and China.
Strong performance outperforming Bitcoin $BTC :
- XRP outperformed Bitcoin with a bullish performance of 20% over six days, rising from strong support at $2.0775 to a peak of $2.4832 on the morning of May 11, despite a slight drop later to $2.3861.
Targeting a breakout at $2.63:
- Technical analyses indicate that XRP is nearing a critical resistance breakout at $2.63 after bouncing off support at $2.24. This breakout is expected to lead the price towards $2.82, especially with increased trading volume and buying interest.
Bullish medium-term expectations:
- Analysts expect XRP to reach $5.65 if it maintains support levels above $2.00, especially after breaking a 112-day downward trend. Other forecasts suggest a potential rise to $3.50 in the coming days.
Supporting growth factors:
- Ripple's strategic acquisition: The purchase of Hidden Road to enhance institutional transaction infrastructure, which may increase the use of the XRP network.
- Weakening U.S. dollar: The dollar has depreciated by 8% since the beginning of the year, encouraging a shift to alternative assets like XRP.
- Expectations of ETF approvals: There are 7 pending applications with the U.S. Securities and Exchange Commission (SEC) for XRP-linked investment funds, with one expected to be approved before the end of 2025.
Positive technical indicators:
- An "ascending wedge" pattern has formed on the daily chart, with strong support at $2.00.
- The Fear and Greed Index improved to enter the "greed" zone, reflecting increasing confidence among investors.
Upcoming events impact:
- XRPLAPEX summit in June: Ripple is set to announce new partnerships and technical updates during the event, which may boost market confidence.
- U.S. Federal Reserve meeting: Expectations for interest rate cuts in June, which may support capital inflow into cryptocurrencies.
- XRP is experiencing strong momentum, supported by technical and fundamental factors indicating continued upward movement. However, potential challenges such as regulatory volatility and network performance compared to competitors should be monitored.
Disclaimer:
All publications are personal opinions and not financial advice.
