In the past 24 hours, the price of Ripple cryptocurrency (XRP) has surged by 15% to $2.42, with its daily trading volume reaching over $10 billion, a 120% increase. This price increase is due to bulls’ support after the recent correction in the cryptocurrency market. Brad Garlinghouse, Ripple’s CEO, has announced that the company is working on real-world applications for cryptocurrencies by 2025. Analysts have identified key resistances for XRP at $2.60, $2.65, and $2.75. If XRP can break these levels, reaching prices above $3 is possible. Additionally, whales’ activity has played a significant role in supporting XRP’s upward trend. Long-term charts indicate that XRP is moving towards breaking out of the flag and pole pattern. Some analysts have predicted that if this pattern materializes, XRP’s price could reach $13. According to Coinglass data, XRP futures open interest has increased by 28% to $2.5 billion. In the past 24 hours, the volume of liquidated short positions has reached $12 million, indicating buyers’ control in the market. These developments have strengthened XRP’s position in the market and attracted more attention. It’s worth mentioning that Ripple will release around 500 million XRP tokens from its escrow in early 2025. Reports suggest that Ripple has allocated $5 million worth of XRP to support this event.
