The price of Ripple’s cryptocurrency XRP has witnessed a strong 15% increase in the last 24 hours. Thus, it prepared the ground for a rally of $3 and above. Today, the XRP price rose to $2.42, increasing the daily trading volume by 120%. Thus, it enabled the trading volume to reach over $ 10 billion. Overall, it showed strong bullish momentum. The surge came as bulls defended the $2.0 support after the recent crypto market correction. Popular analysts are predicting an increase to $13 and beyond. Also, Ripple CEO Brad Garlinghouse hinted that he is working on a real-world utility program as we head towards 2025.
Where is the XRP price going now?
With Ripple bulls stepping in, the daily close of XRP price above $2.12 confirms that the bullish movement for the Ripple cryptocurrency remains intact. Crypto analyst EGRAG Crypto has identified critical resistance levels to watch in the coming sessions. These levels were $2.60, $2.65 and $2.75. According to the analyst, breaching these thresholds could pave the way for higher price targets. Therefore, potentially signaling a rise above $3. Additionally, XRP whale activity has the potential to support broader momentum.
Entering 2025, market analysts remain bullish on the Ripple cryptocurrency. This is because they predict double-digit price targets and new all-time highs above $10. In anticipation of the XRP lawsuit ending soon, analysts are extremely bullish on the altcoin based on its technical setup. On a multi-year chart, XRP price is tracking a breakout from a flag and pole formation. Crypto analyst Tony highlighted a potential bull flag pattern in XRP and suggested a target of $13 if the pattern is correct. Tony admits that this level exceeds their primary target. However, he noted that such a move is not completely impossible in a strong bullish scenario.
What’s behind the price rise?
With the start of the new year 2025, Ripple Labs released a total of 500 million XRP from its escrow wallet with a special note. The note about this transfer includes the following statements:
January 20 is approaching. Donald Trump will be in the White House and we will make crypto great again!
Ripple also pledged $5 million worth of XRP for Trump’s inauguration. Ripple, which routinely unlocks 1 billion XRP tokens, will launch a second batch of releases later today. Today’s XRP price surge led to strong liquidations for the altcoin. According to Coinglass data, XRP open positions rose 28 percent to $2.5 billion. In addition, 24-hour liquidations rose to $14.38 million with short sales of about $12 million.
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