XRP price is up 14% today. More people are trading it too – trading volume is up 158%. However, for the first time since 2017, XRP crossed the $3 level. Several factors drove the price higher, especially some big regulatory news and a strong price breakout.
What is the most important news that drives the price of XRP? Word is spreading that it may not be classified as security anymore. This follows an announcement from senior analyst Ali on X, who highlighted the changing regulatory landscape.
The Securities and Exchange Commission (SEC) has recently come under pressure to change its outlook on cryptocurrencies. In a related development, cryptocurrency expert DB stated that the Trump administration’s Securities and Exchange Commission is reviewing some cryptocurrency enforcement cases pending in the courts, with the possibility of freezing some of them. This is what made XRP investors feel good – it looks like regulators may be warming up to the token.
If XRP stops being called a security, it could be a game-changer. More big investors and trading companies may start using it, which may make it more popular in the market. Such a shift is likely to contribute to further price gains as uncertainty surrounding the asset decreases.
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XRP Technical Analysis: Breakout Signals for Further Upside
With the regulatory news, XRP also witnessed a technical breakout from a consolidation pattern. XRP price rose above the $2.4750 level, which served as resistance for some time. This breakout indicates that the token is now targeting higher levels, with Fibonacci extension levels indicating potential price targets of $2.594 (1.272) and $3.7705 (1.618).
The formation of an ascending triangle, a popular bullish pattern, also supports the idea that XRP is poised for further upward momentum. A breakout from this pattern indicates investor confidence, and the price action indicates that the token is heading towards new highs. With the RSI currently at 67.81, there is still room for further growth before any potential pullbacks.
Market sentiment and increased media attention
Investor sentiment is becoming increasingly bullish XRP priceas evidenced by the increasing number of media discussions. Elite analyst MikybullCrypto shared that XRP is entering an all-time high (ATH) phase, with expectations of a “massive pump.” As the price continues to attract attention, media coverage can amplify the rally, attracting more market participants.
This shift in sentiment, coupled with technical and regulatory developments, has helped push XRP to its highest price in years.
The combination of positive news, market sentiment, and strong technical performance suggests that XRP is well-positioned for further growth. As the token continues to break through resistance levels, it could see more substantial gains soon. Investors are watching XRP move towards new price targets.
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