XRP News Today: XRP Surges 4.4% to $2.42 as Whales Accumulate and Ripple Pushes for US Regulations

XRP, the cryptocurrency associated with Ripple, has recently surged to $2.43, a price point not seen since May. This surge has sparked significant interest and speculation among traders, with many believing that the price could soon reach $3. The driving force behind this bullish sentiment is the substantial buying activity from large investors, known as whales, who are accumulating more XRP.

According to market intelligence platform Santiment, there are currently 2,742 wallets holding at least 1 million XRP each, just one wallet shy of the all-time high. These whale wallets collectively hold 47.32 billion XRP, indicating a strong belief in the future potential of XRP. Whales typically make significant moves when they anticipate future gains, and their buying activity often encourages smaller traders to follow suit, hoping to capitalize on the next rally.

Adding to the optimism is Ripple's push for clear crypto regulations in the U.S. Recently, Ripple's CEO, Brad Garlinghouse, addressed the U.S. Senate Committee on Banking, Housing, and Urban Affairs, emphasizing the need for clear rules to foster the safe growth of digital asset markets. Garlinghouse highlighted Ripple's compliance-first approach and the expanding capabilities of the XRP Ledger (XRPL) as a fast, scalable blockchain for cross-border payments and stablecoin use. This regulatory clarity is seen as a positive development that could boost market trust and growth.

As of now, XRP is trading near $2.42, up about 4.4% in the last 24 hours. The token has broken out of its tight price pattern, moving above the $2.35 mark and testing the next significant barrier at $2.50. The Relative Strength Index (RSI) is just under 70, indicating that XRP is not yet in the overbought zone but also does not have substantial buying strength at the moment. If XRP can push above $2.60 and hold that line, traders may next watch for $2.95 and then $3.20. However, to aim for new record highs, XRP needs to cross above $3 and maintain that level.

The technical momentum behind XRP's price movement is also noteworthy. A sustained move through $2.6553 could enable the bulls to target $3 and potentially reach the 2025 high. Conversely, a drop below $2.3 could expose the 50-day Exponential Moving Average (EMA), which might act as a support level. The area between $2.40 and $2.50 is considered crucial, as historical selling pressure has surfaced in this range. If XRP can break through this resistance, it could pave the way for a more significant price increase.

Regulatory developments are also playing a role in the bullish outlook for XRP. The formal withdrawal of a lawsuit could lead to explosive growth in the price of XRP, with a target price of $3. This regulatory tailwind, combined with strategic partnerships, is contributing to the positive sentiment surrounding XRP. However, it is important to note that the journey ahead for XRP depends heavily on various factors, including market sentiment, regulatory developments, and the overall performance of the cryptocurrency market. While the potential for a breakout to $3 is significant, investors should remain cautious and consider the risks associated with cryptocurrency investments.