XRP is showing massive momentum with its value ready to reach the $3 mark following a remarkable surge in trading volume. XRP’s volume over the last 24 hours was $2.8 billion, up by 65.38%, according to Coingecko. This surge in volume indicates that investors are once again bullish and there are possible bull runs in the crypto market.
Institutional Support Fuels XRP Growth
The latest happenings in the financial industry have also contributed to additional price hikes in the XRP. Bank of America has started employing XRP for all internal transactions. Institutional backing of this kind could easily open the door to increased adoption of Ripple’s technology in traditional finance, and the majority of analysts forecast follow-up price hikes.
Market Sentiment and Transaction Milestones Boost XRP
The positive sentiment towards XRP is clear from recent achievements in its ecosystem. The network saw 2.7 million transactions over the weekend, which is a sign of growing activity and positivity among traders. The price of XRP was at $2.461, reflecting a 2.77% gain in the last 24 hours and over 4.9% in the last week. Based on such trends, analysts indicate XRP not only can retest $3 levels but could even take a position towards recapturing all-time high levels.
Examining XRP Price Performance
XRP growth is driven by a number of factors. Settlement of the current legal war between Ripple Labs and the SEC will most likely dispel regulatory ambiguity, further solidifying market confidence. Furthermore, the development of the XRP Ledger (XRPL) enhances it as an institutional financial tool, becoming more appealing in comparison to conventional payment infrastructures such as SWIFT.
The resistance level of XRP currently stands at the $3 zone. If it breaks through this, a stronger price rally might follow, and more investor attention might be drawn to it. The XRP community is bullish, with a mix of optimism and faith in its long-term future.
