Why XRP Price Skyrocketing Above Major Price Levels?

The recent rally in the XRP price has gained notable attention, with the crypto crossing the $0.62 mark recently. This surge has sparked investors’ optimism, especially after Ripple’s native crypto has noted volatile trading over the past few weeks.

However, this uptick move has also fueled discussions among some traders over the potential reasons behind the recent price jump. So, here we explore some of the top reasons that might have triggered the recent price rally.

Why Is XRP Price Rocketing Today?

The XRP price has noted a surge of more than 6% today, gaining investors’ attention. Amid this a flurry of market pundits have also provided a bullish forecast for the crypto, further raising the market sentiment.

It appears that many are anticipating the US SEC to take no further stance in the Ripple lawsuit. However, chances still remain as many have put their bets on a last-minute SEC appeal in the case, which has created a volatile trading scenario for the crypto.

On the other hand, the recent RLUSD developments have sparked optimism in the market. For instance, Ripple has recently issued 350,000 RLUSD, advancing its stablecoin initiatives. On the other hand, the firm’s president Monica Long has also shared an optimistic outlook on the future developments for the blockchain company.

Besides, the recent XRP Ledger upgrades have also bolstered the market sentiment, indicating the developers increasing focus towards the project.

Market Expert Remains Optimistic On Ripple’s Native Crypto

Popular crypto market experts like Tony Edward, and CrediBULL Crypto, among others, have provided an optimistic outlook on the crypto. For instance, CrediBULL Crypto has recently predicted XRP to reach as high as $30, sparking market optimism.

As of writing, XRP price was up 6.03% and exchanged hands at $0.6215, while touching a high of $0.6256 in the last 24 hours. Its trading volume jumped more than 75% to $2.19 billion during writing, with its Futures Open Interest soaring over 14%, reflecting the positive market sentiment.

Meanwhile, it’s worth noting that the rally upward momentum in the broader crypto market could also have boosted the crypto’s price today. Bitcoin and other top altcoins have rallied recently, defying the September downtrend. Simultaneously, many in the digital assets space are also gearing up for an “Uptober” rally in the coming month.

The crypto usually sees a positive performance in October, as per historical data, and considering that, many anticipate a similar picture this year as well. On the other hand, the recent cooling US PCE Inflation data also appeared to have boosted the market sentiment.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.