TLDR
- XRP reached $2.61, hitting its highest level since March 6
- Trading volume increased 193.5% to $10.83 billion in 24 hours
- Derivatives market volume surged 237.27% to $19.4 billion
- XRP briefly surpassed Tether as third-largest cryptocurrency by market cap
- Technical indicators suggest potential targets between $2.80-$3 if support holds
XRP has made waves in the crypto market by reaching a two-month high of $2.61, marking its highest point since March 6. The digital asset rose 4% in the past 24 hours and 6% over the last week.
Trading activity for XRP has seen a dramatic increase. The 24-hour spot volume jumped to $10.83 billion, representing a 193.5% increase from the previous day.
The derivatives market shows even stronger momentum. Trading volume in this sector surged 237.27% to $19.4 billion, while open interest climbed 13.55% to $5.23 billion, according to Coinglass data.
These figures suggest that traders are entering the market in greater numbers and placing larger bets on XRP’s future price movement.
The rally was strong enough for XRP to briefly overtake Tether as the third-largest cryptocurrency by market capitalization.
📈 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
Multiple Factors Driving Growth
Several positive developments have contributed to XRP’s recent price surge, according to analytics firm Santiment.
There has been an 11% increase in XRP holders since the beginning of 2025. This growing user base provides a stronger foundation for the token’s value.
Payment platforms like Travala have expanded their adoption of XRP, increasing its utility in real-world applications.
Missouri’s proposed House Bill 594 represents a positive regulatory development. If passed, the bill would allow citizens to deduct all capital gains taxes on digital assets including XRP and Bitcoin.
From a technical perspective, XRP is displaying strong upward momentum. The token is trading above all key moving averages, including both the 10-day and 200-day averages, which typically signals a buy recommendation.
The MACD (Moving Average Convergence Divergence) indicator remains in positive territory. The relative strength index sits at 62, suggesting that while the token has gained significantly, it still has room to move higher before reaching overbought conditions.
Price Structure Remains Bullish
Despite some retracement from its recent high, XRP has maintained its bullish structure. The price found support at $2.25 before starting a fresh increase.
A key bullish trend line has formed with support at $2.435 on the hourly chart. This technical formation suggests the upward momentum may continue if certain conditions are met.
If XRP can hold above the $2.45 support level, analysts suggest it could push toward $2.80 or even retest the $3 psychological level. However, if it falls below $2.20, it might face a short-term pullback.
The hourly MACD for XRP/USD is losing pace in the bullish zone, while the RSI has dipped below the 50 level, indicating some cooling in short-term momentum.
Major resistance levels to watch include $2.50 and $2.55, while support levels stand at $2.435 and $2.40.
Some crypto analysts see potential for even more dramatic gains. Using Elliott Wave theory, analyst Dark Defender suggests XRP may have completed its Wave 4 correction at $2.07 and could now be entering Wave 5, often considered the strongest part of the cycle.
Hi all,
XRP had a clear break on the weekly time frame after surpassing $2.2222 and touching $2.3620.
We expected a correction and had it to $2.07 ($2 levels were the target)
Monthly Wave 5 is progressing full speed.
Weekly RSI will turn bullish this week, which endorses our… pic.twitter.com/lUoX6t27Sa
— Dark Defender (@DefendDark) May 10, 2025
If this pattern holds, XRP could potentially reach targets between $5.85 and $6.39 in the coming weeks, though confirmation of this pattern is still needed.
The price is currently correcting gains from its high of $2.65 and testing the $2.42 support zone.
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