Key Notes
- Ripple CEO Brad Garlinghouse hinted at potential XRP ETF filings post-lawsuit settlement.
- XRP eyes a breakout above the 100-day SMA at $2.52, with targets set at $2.80, $3.00, and $3.20.
- However, significant sell walls at $2.62 and above could test the bulls’ resolve.
Ripple-related cryptocurrency is once again showing strength. XRP
XRP
$2.43
24h volatility:
0.2%
Market cap:
$141.18 B
Vol. 24h:
$3.18 B
price is gaining another 3% moving to $2.48 levels and daily trading volumes surging 66% to $2.9 billion. From the lows of $1.90 in March, XRP has recovered over 31% with analysts expecting the bullish momentum to continue to $3 and beyond. Additionally, the latest reports suggest that 21Shares have started trading XRP ETPs in Europe drawing investors’ attention.
What’s Behind XRP Price Surge Today?
Today’s XRP price surge comes amid the broader crypto market recovery with Bitcoin price regaining past $87,000 and top altcoins like Ethereum
ETH
$2 063
24h volatility:
3.6%
Market cap:
$248.93 B
Vol. 24h:
$15.55 B
, Solana
SOL
$139.8
24h volatility:
3.7%
Market cap:
$71.47 B
Vol. 24h:
$4.80 B
, and Dogecoin
DOGE
$0.19
24h volatility:
7.9%
Market cap:
$27.62 B
Vol. 24h:
$1.70 B
showing strength. As a result, the broader crypto market has surged by nearly 3% to $2.84 trillion.
Furthermore, the trading volume for the Ripple cryptocurrency has been rising consistently over the past few days. In the last 24 hours, the trading volume has surged by 66% while XRP futures open interest is up by 4.21% to $4 billion.
Furthermore, Ripple CEO Brad Garlinghouse shared major plans for the firm amid a potential settlement for the SEC vs Ripple lawsuit. Market analysts are hopeful of the lawsuit ending as Ripple submits its motion in mid-April.
Last week, during an interview, Garlinghouse said that he expects a flood of XRP ETF filings coming in the second half with asset managers rushing for it after the lawsuit settlement. He also tossed up the possibility of Ripple IPO this year in 2025, however, noting that it won’t be a priority for now.
Technical Chart Formation for XRP
XRP has been showing strength recently inching higher and looking for a breakout above key resistance levels. XRP bulls are now targeting a breakout above the 100-day SMA at approximately $2.52. Key levels to monitor beyond this include $2.80, the psychological barrier at $3.00, and significant resistance at $3.20.
Source: TradingView
However, investors’ conviction would be tested at every move upside as XRP faces major sell walls ahead. Popular analyst CW noted that XRP price meets a major sell wall at $2.62 with traders monitoring the move very closely. Beyond this, another sell wall looms, presenting a formidable barrier to further upward momentum, as shown in the below image.
$XRP has reached the sell wall. The sell wall is exist thick at $2.62.
And there is another sell wall on top of that.
As these two sell walls are broken, there will be no more sell walls. And then, the real bull market will begin. pic.twitter.com/jgOavdjBIF
— CW (@CW8900) March 24, 2025
Market analyst CW suggests that breaking through these two sell walls could remove significant resistance in the XRP price trajectory.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
