The $XRP recorded a significant rise 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 United States and China.
Strong performance surpassing Bitcoin $BTC :
- XRP outperformed Bitcoin with a 20% upward performance 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 retreat later to $2.3861.
Targeting a breakout at $2.63:
- Technical analyses indicate that XRP is approaching a critical resistance breakout at $2.63 after bouncing from support at $2.24. This breakout is expected to drive the price towards $2.82, especially with increasing trading volumes and buying interest.
Medium-term bullish expectations:
- Analysts expect XRP to reach $5.65 if it maintains support levels above $2.00, especially after breaking a downward trend that lasted 112 days. Other forecasts suggest a potential rise to $3.50 in the coming days.
Supportive growth factors:
- Ripple's strategic acquisition: Buying Hidden Road to enhance institutional transaction infrastructure, which could increase the use of the XRP network.
- Weakness of the U.S. dollar: The dollar has declined 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 approval expected for one of them before the end of 2025.
Positive technical indicators:
- A "rising 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 increased confidence among investors.
Impact of upcoming events:
- XRPLAPEX Summit in June: Ripple is set to announce new partnerships and technical updates during the event, which could enhance market confidence.
- U.S. Federal Meeting: Expectations of interest rate cuts in June, which could support capital flow into cryptocurrencies.
The $XRP enjoys 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.
