XRP News Today: XRP Surges 20% to $3.61 on US Crypto Bills Passage

XRP, the cryptocurrency associated with Ripple, experienced a significant surge, jumping over 20% in the past 24 hours. This rally brought the price of XRP to approximately $3.61, marking its highest level in over six years. The surge was driven by a combination of factors, including the passage of three major cryptocurrency bills by the U.S. House of Representatives. These bills, which include the Genius Act, have sparked optimism among investors, pushing XRP beyond its recent peak of $3.40.

The momentum behind XRP has been building, with many investors eyeing the $3.40 level as the next major target. The current price of XRP hovers near $3.25–$3.29, placing it within striking distance of its all-time high. This surge in price has been accompanied by a 17% increase in open interest, reaching $10.52 billion, indicating heightened trader activity and expected price swings. The price of XRP has also seen a 35% weekly rally, further fueling the bullish sentiment.

The recent rally in XRP has been driven by a combination of factors, including the passage of favorable cryptocurrency legislation and increased trader activity. The price of XRP has been on an upward trajectory, with a 20% increase over the past 24 hours, cementing a historic run close to a new all-time high. The asset has surpassed all previous highs, entering price-discovery mode. According to some analysts, XRP bulls could target the 1.272 Fibonacci retracement level at $3.88, drawn from the $3.40 peak of January 16 to the $1.61 low of April 7. The RSI indicator also suggests that the price of XRP is in a strong uptrend, with no immediate signs of a reversal.

On the downside, any rejection could pull XRP back toward the $2.90–$3.00 support zone. However, as long as XRP holds above this level, the bullish trend remains intact. Fueled by institutional interest, retail FOMO, and a broad crypto market rally, XRP’s bullish trend shows little sign of slowing. The recent surge in XRP has also been accompanied by predictions from various sources. According to Elon Musk's Grok AI, XRP could see a surge to between $10 and $400. However, it is important to note that this prediction is based on an AI model and should be taken with a grain of salt. The actual price of XRP will depend on a variety of factors, including market sentiment, regulatory developments, and trader activity. Despite the recent surge, some analysts predict that XRP could face resistance at the $3.80-3.90 level, which was the all-time high reached in 2018. However, if the current momentum continues, XRP could potentially reach new all-time highs in the near future.

With XRP already at $3.62, a push to $5 by the end of July is no longer far-fetched. However, some profit-taking could cool the rally briefly, especially if XRP hits $3.80. The recent rally in XRP has been driven by a combination of factors, including the passage of favorable cryptocurrency legislation and increased trader activity. The price of XRP has been on an upward trajectory, with a 20% increase over the past 24 hours, cementing a historic run close to a new all-time high. The asset has surpassed all previous highs, entering price-discovery mode. According to some analysts, XRP bulls could target the 1.272 Fibonacci retracement level at $3.88, drawn from the $3.40 peak of January 16 to the $1.61 low of April 7. The RSI indicator also suggests that the price of XRP is in a strong uptrend, with no immediate signs of a reversal.

The approval of these pivotal regulatory measures marks a significant move towards crypto normalization and market stability. Industry leaders expect this to stimulate further institutional investment. Ripple's cross-border payments token, XRP, spiked 20% after a historic US legislative move. Ripple's leadership, including CEO Brad Garlinghouse, advocated for regulatory clarity. Institutional backers like Webus International announced substantial XRP investments. The regulatory approval affects major cryptocurrencies, enhancing market confidence. XRP, hitting a new all-time high, reflects the market's positive response. Ripple's RLUSD stablecoin benefits from compliant status, potentially increasing its use in financial sectors.

This legislative victory underscores a broader recognition of digital assets, encouraging blockchain innovation. Analysts predict increased liquidity and trading volume due to the clearer regulatory landscape. The inclusion of XRP in retirement funds could catalyze a new investment wave. With progressive laws in place, BNY Mellon will manage RLUSD reserves, further supporting the stablecoin's growth. Ripple execs attended the signing, emphasizing industry engagement. Potential outcomes include enhanced institutional adoption and increased DeFi activities. Historical precedents suggest continued market growth following regulatory advancements, benefiting Layer 1 assets and compliant stablecoins.