XRP News Today: XRP Surges 121% From $1, Eyes $3 Mark Amid Regulatory Clarity

Cryptocurrency trader and author Scott Melker has emphasized that XRP, after its explosive move from trading below the $1 mark, still has significant potential for a big move in the near future. According to Melker, XRP’s path to becoming the “next big mover” involves more than just its recent history of rapid price action. He explained in an interview that XRP’s breakout was driven by several key developments, including its effective classification as “not a security,” which removed a major regulatory overhang. This legal clarity allowed the token to gain momentum in the optimism of the post-election market.

Further boosting sentiment, XRP was included in spot exchange-traded fund (ETF) applications and the possibility of being part of the United States’ strategic digital asset stockpile, reinforcing its status as a major player in the market. However, Melker noted that for XRP to become the next major breakout asset, it needs a fresh and compelling narrative, as some minor uncertainties, such as the final settlement of financial penalties in the Ripple and Securities Exchange Commission (SEC) case, still linger. “I think we could say there was a lot of weight holding it [XRP] down, sort of like a balloon being pushed underwater, and when all of that was released, with all that clarity. <…> They’ll need another narrative now to be the next big mover,” he said.

On May 8, both Ripple and the SEC appeared close to finalizing a $50 million settlement to end their dispute, pending court approval. However, on May 15, Judge Analisa Torres blocked the deal, stating that the motion, filed under Rule 60, required proof of “exceptional circumstances,” which were absent. The proposed settlement sought to reduce Ripple’s financial penalty by 60%, from $125 million to $50 million, while potentially allowing the SEC to shift its approach to cryptocurrency regulation. Despite ongoing legal uncertainty, XRP has traded mainly below the $3 mark, reflecting broader market sentiment.

Ted Pillow’s technical analysis suggested a potential breakout, as XRP recently surged above a descending resistance line, establishing a critical support level around $2.4. If this momentum holds, XRP could push toward the $2.9 to $3 range in the coming weeks, supported by a classic “cup and handle” pattern, a traditionally bullish formation. However, failure to hold this level could see XRP retest the previous support zone near $2.

Cryptocurrency trader Scott Melker has highlighted the potential for XRP to make another significant move following its recent surge from under $1. The token's strong performance has caught the attention of investors and analysts alike, who are now speculating on its future trajectory. Currently, XRP is trading at approximately $2.21. To reach a price of $100, the token would need to experience a growth of 4,425%. At this price point, individuals holding 10,000 tokens or more would become millionaires. This dramatic increase would require substantial market momentum and favorable conditions, including regulatory clarity and widespread adoption.

Market observers believe that XRP could re-test the $2.50 resistance zone and, if successful, rally toward $3.00. This level holds both psychological and technical significance, potentially attracting more investors and driving further price appreciation. The bullish sentiment is also supported by a 53% surge in open interest to $5.06 billion, indicating strong market participation and confidence in XRP's potential. Looking ahead, some analysts predict that XRP could quadruple in price and reach a market cap of $600 billion within five years. This would require an annualized growth rate of 32%, which, while ambitious, is not unprecedented in the cryptocurrency market. The key to achieving this growth lies in identifying new business opportunities that can sustain such rapid expansion.

One such opportunity is the stablecoin industry, which has seen exponential growth in recent years. Stablecoins, which are pegged to the value of the U.S. dollar, have become a crucial bridge between traditional finance and blockchain technology. Ripple, the company behind XRP, has been actively involved in this sector, launching its own stablecoin and making strategic acquisitions to expand its presence. Another significant application for XRP is in cross-border payments. The Ripple payment network aims to replace the legacy SWIFT payment system with a more efficient and cost-effective blockchain-based solution. This could revolutionize the way financial institutions handle international transactions, potentially driving widespread adoption of XRP.

The regulatory environment also plays a crucial role in XRP's future. The recent favorable court ruling has cleared the way for Ripple to pursue new business opportunities without the burden of regulatory uncertainty. This has created a unique opening for the company to expand its operations and drive the price of XRP higher. In summary, XRP has the potential to become the next big mover in the cryptocurrency market, driven by its strong performance, strategic business opportunities, and favorable regulatory environment. However, achieving this potential will require sustained market momentum and the successful execution of Ripple's growth strategies.