Two-Month High Reached as Trading Volume Surges

TLDR XRP reached $2.61, its highest level since March 6, 2025 XRP briefly surpassed Tether as the third-largest cryptocurrency by market capitalization 24-hour trading volume increased 193.5% to $10.83 billion Technical indicators show XRP trading above key moving averages with positive momentum Potential price targets range from $2.80 to $3 if support at $2.45 holds XRP (XRP) has demonstrated impressive price action in recent days, climbing to its highest level in two months and showcasing strong bullish momentum. The cryptocurrency reached a daily high of $2.61, marking its highest point since March 6, according to recent market data. The digital asset has posted gains of 4% over the past 24 hours and is up 6% over the last week. This upward movement has caught the attention of traders and investors alike. Trading activity for XRP has seen a dramatic increase. The 24-hour spot trading volume surged to $10.83 billion, representing a 193.5% increase compared to the previous day. This substantial rise in volume indicates growing interest in the token. The derivatives market has shown even more impressive numbers. Trading volume in XRP derivatives increased by 237.27% to $19.4 billion. Meanwhile, open interest climbed 13.55% to $5.23 billion, based on data from Coinglass. These metrics suggest that more traders are entering the market and placing larger bets on XRP’s price movement. The increased participation points to growing confidence in XRP’s short-term prospects. Market Position Strengthens In a notable development, XRP briefly overtook Tether (USDT) as the third-largest cryptocurrency by market capitalization following its recent rally. This temporary shift in rankings highlights the significance of XRP’s recent price movement. According to analytics platform Santiment, several positive factors have contributed to XRP’s latest price surge. These include an 11% increase in XRP holders since the beginning of 2025. Growing adoption through payment platforms like Travala has also played a role in boosting XRP’s value. Additionally, Missouri’s proposed House Bill 594, which would allow citizens to deduct all capital gains taxes on assets like XRP and Bitcoin, has created a favorable sentiment around the token. From a technical analysis perspective, XRP is displaying strong upward momentum. The cryptocurrency is currently trading above all key moving averages, including both the 10-day and 200-day averages. These indicators are signaling a buy recommendation for traders. XRP has just surpassed Tether for the #3 market cap spot among all cryptocurrencies. The asset’s market value is now back above $2.61 for the first time since March 6th. There are a few attributable reasons that the popular altcoin has enjoyed a mild decoupling from the pack:... pic.twitter.com/KlqRt15LUY — Santiment (@santimentfeed) May 12, 2025 The Moving Average Convergence Divergence (MACD) for XRP is in positive territory. The Relative Strength Index (RSI) stands at 62, suggesting that the token still has room to move higher before reaching overbought conditions. XRP price action shows a clear bullish trend line forming with support at $2.4350 on the hourly chart. The price is trading above the crucial $2.40 level and the 100-hourly Simple Moving Average, reinforcing its positive structure. On the upside, XRP faces resistance near the $2.4950 level. The first major resistance is positioned at approximately $2.550. If the price can move decisively above this level, it could target the $2.600 mark. Breaking through the $2.60 resistance might push XRP toward $2.650. Further gains could see the price approach $2.720 or even $2.7450 in the near term. The next major hurdle for bulls appears to be around $2.80. If XRP maintains its position above the $2.45 support level, it could continue its push toward the $3 psychological level. This target aligns with the analysis of several market observers. However, if XRP fails to clear the $2.550 resistance zone, a correction might occur. Initial support on the downside lies near $2.4350 and the trend line. The next major support is around the $2.40 level. A downside break below $2.40 could lead to further decline toward the $2.350 support. Additional support is positioned near the $2.320 zone. Some analysts are even more optimistic about XRP’s future price action. Crypto analyst Dark Defender suggests that XRP may have completed its Wave 4 correction at $2.07 and is now entering Wave 5, often considered the strongest part of the Elliott Wave cycle. According to this analysis, if the pattern holds, XRP could potentially reach targets between $5.85 and $6.39 in the coming weeks. However, confirmation of this pattern is still needed. The most recent price action shows XRP pulling back slightly from its high of $2.6560. The price has dipped below $2.50 but remains supported above $2.40, maintaining its overall bullish structure. Source: https://blockonomi.com/xrp-xrp-price-two-month-high-reached-as-trading-volume-surges/