XRP Price Back above $1: Is it time for XRP to hit $10?

XRP price has gained over 91.88% this week, breaking several resistance levels previously thought unattainable in such a short period.

The coin, trading at $1.1290, surpassed expectations with a rapid ascent to $1.2198, its highest point as of press time since the bullish runs of early 2021.

This surge left investors and traders astonished as XRP cut through the critical resistance at $0.7468 and $1.1290 with unprecedented momentum.

Traders closely monitored the volume, which noticeably increased as XRP approached these key thresholds.

XRP/USDT | Source: TradingView

The dramatic price movement suggests a renewed investor confidence possibly tied to speculative trading or emerging positive news about Ripple’s ongoing legal challenges.

Analysts are now eyeing the $1.3430 and $1.5605 levels as the next potential ceilings for XRP. If the momentum continues, XRP could test these upper boundaries sooner rather than later.

This week’s performance has definitively placed XRP back on the radar for both retail and institutional investors, indicating a possibly vibrant season ahead for this long-watched cryptocurrency.

XRP Price breaks Kumo resistance on Ichimoku Cloud

XRP made another significant technical breakthrough by piercing the Kumo resistance on its monthly Ichimoku chart.

This achievement comes after years of struggling below this crucial level, which had served as an unbreakable barrier since 2021.

The recent climb to $1.12 marks a pivotal moment, suggesting a potential long-term bullish reversal.

The Ichimoku Cloud, a popular tool among traders for gauging momentum and trend shifts, highlighted this resistance level at $1.00, which XRP has decisively surpassed.

This event could be a precursor to sustained gains if XRP maintains its position above this threshold.

Market analysts are now closely monitoring XRP’s ability to hold these gains, considering the past challenges at this level.

If XRP stays above the cloud, it may signal a new era of investor confidence and market stability for the cryptocurrency.

This move has already sparked discussions among investors about the potential for XRP to revisit its all-time highs, fueled by improved market conditions and investor sentiment.

XRP open interest hits record

Apart from the surge this week with price catapulting to $1.2199, XRP‘s open interest on futures reached an new record high of $1.53 billion.

The significant rise in both metrics acknowledged the growing investor confidence and market activity surrounding XRP.

This spike in open interest coincides with a sharp increase in trading volume, indicating a robust engagement from traders.

The recent rally began around early November and has continued to gather momentum, propelling XRP to levels not seen since its previous highs.

Market analysts attribute this uptrend to several factors, including positive developments in Ripple’s ongoing legal battles and increasing adoption of XRP for cross-border transactions.

The community remains bullish as technical indicators suggest further potential for upward movement.

Investors are now keenly watching to see if XRP can sustain these gains in the face of market volatility.

The current scenario presents a significant test of resilience for Ripple’s native token in the rapidly evolving crypto landscape.