XRP News Today: XRP Hits $3.84 All-Time High on US Crypto Legislation Boost

XRP, the cryptocurrency associated with Ripple, has reached a new all-time high (ATH) of $3.84, marking a 7.02% surge in the past 24 hours. This significant price movement has also driven XRP’s market capitalization to a record $206 billion. The rally is attributed to favorable crypto legislation in the United States, which has bolstered investor confidence in digital assets. The passage of key crypto bills in the US House of Representatives has been particularly impactful, signaling a positive shift in the regulatory environment for cryptocurrencies.

Retail investors have played a pivotal role in this surge. Analysts have noted a clear wave of retail buying on major exchanges, driven by the relatively lower price of XRP compared to other top cryptocurrencies. This perception of value has made XRP an attractive option for retail buyers, who are seeking to maximize their holdings per dollar invested. The increase in retail interest has led to a sharp rise in XRP’s daily trading volume, indicating active engagement from retail buyers.

Institutional demand for XRP is also on the rise. Companies such as VivoPower and Webus are planning to purchase $421 million in XRP for their corporate treasuries. These institutional investments, coupled with recent regulatory developments in the US, are further enhancing XRP’s appeal. The passing of bills related to stablecoins, such as the GENIUS Act, aligns with Ripple’s ambitions for its RLUSD stablecoin and positions XRP as a key player in the evolving financial landscape. Ripple’s application for a US banking license and a Federal Reserve master account suggests the company’s intent to integrate more deeply into traditional financial systems, which is expected to support further growth for XRP.

Technical indicators also point to continued bullish momentum for XRP. The Moving Average Convergence Divergence (MACD) has produced a bullish cross, signaling a positive trend. The Relative Strength Index (RSI) on the weekly chart indicates that XRP has room to run before reaching overbought levels. Additionally, the token’s bull pennant formation on the weekly chart projects a potential 305% rally, with a target price of $14. This bullish outlook is driven by both retail and institutional demand, as well as the favorable market conditions created by recent regulatory changes.