XRP has captured market attention once again after posting a sharp 6.5% gain over the past 24 hours. The token broke above a key resistance level, triggering renewed bullish sentiment and a wave of trading activity across major exchanges.
XRP surged 6.57% in the past 24 hours to reach $2.58, driven by renewed speculation around a BlackRock-backed XRP ETF and signs of progress in the long-running Ripple-SEC legal battle. The sharp move also followed a clean technical breakout above the $2.50 resistance zone.
ETF speculation and lawsuit progress ignite momentum
Rumors intensified that BlackRock could soon file for a spot XRP ETF, according to CoinGape. At the same time, the Ripple-SEC lawsuit entered its final procedural stage, with both parties filing a joint motion to dismiss remaining appeals. Crypto analysts, including those from JPMorgan, suggest an XRP ETF could attract over $8 billion in capital inflows if approved later this year.
This potential regulatory clarity, combined with speculation of institutional adoption, has fueled strong buying interest.
Technical breakout validates bullish trend
XRP’s breakout above the $2.50 pivot triggered a wave of algorithmic and manual buy orders. The Relative Strength Index (RSI 14) currently sits at 72.29, indicating elevated but not extreme momentum. Fibonacci extension levels suggest the next resistance lies at $2.73 and $2.96, matching previous local highs.
Trading volume spiked 29% to $6.8 billion in 24 hours, confirming the strength of the move.
Outlook
XRP now faces key resistance near the $2.73 level. If ETF filings are confirmed or the legal case is resolved, institutional buyers may drive the price higher. However, lack of concrete news could prompt short-term profit-taking. Investors are closely watching for regulatory developments in the days ahead.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/2-key-reasons-behind-xrps-6-5-price-surge-in-24-hours/