XRP News Today: XRP Surges 4% in 24 Hours, Breaks Out of Pennant Pattern

XRP has experienced a significant surge in price, rising by 4% in the past 24 hours to reach $2.43. This increase is part of a broader trend, with XRP up by 6% in the past week and 11% in the past fortnight. The coin has broken out of a pennant pattern that had been forming since the start of the year, indicating a shift in momentum. This breakout is supported by momentum indicators and a surge in trading volume, which has risen from $2.5 billion to $4.5 billion in a single day. Additionally, there have been major transfers involving XRP, including one worth around $477.4 million from Ripple to an unknown wallet. The number of XRP holders has also recently surpassed 6.6 million, further signaling increased demand and potential for growth.

XRP's price action has confirmed a clean breakout from a falling wedge pattern, with the price surging above the wedge’s upper trendline. This move is eyeing the next resistance zone around $2.60, a level that aligns with previous rejections and high-volume trading. The increase in the number of XRP holders, now topping 6.6 million, suggests a growing interest and potential for further price appreciation. The longer-term outlook for XRP is promising, especially with ten XRP ETFs awaiting potential approval from the SEC. If these ETFs receive the green light, the boost to XRP could be substantial, given the already high demand from funds. According to the analyst's forecast, the XRP price could hit $3 by the end of the summer and $3.50 by the end of the year.