XRP price has captured significant market attention this week, achieving a milestone by surpassing the $2.5 mark for the first time since November 2018. The cryptocurrency’s value doubled amid a broader market rally, reflecting increased investor enthusiasm and robust sentiment. The conclusion to the long-drawn battle between the US SEC and Ripple also plays a pivotal role in adding a tailwind to this uptrend. Ripple’s seven-year consolidation followed by its run-in with the SEC and the exponential rally, it wouldn’t be surprising to compare it to the electric car manufacturing company, Tesla. Both the assets share a similar price action and legal troubles. If this similarity continues, the technical outlook suggests that the XRP price could continue its ascent and multiply to a digit target.
Will XRP Price Reach $13 Due to Ripple’s Shared Story With Tesla?
The XRP price draws comparisons to Tesla’s historical stock performance, hinting at a potential surge to $13. A similarity has been noted between Tesla’s price action following its SEC lawsuit resolution and XRP’s current trajectory. Both assets experienced extended consolidation phases lasting seven years before breaking out after resolving their legal disputes with the SEC. This parallel has fueled speculation that XRP could replicate Tesla’s exponential rise.
Tesla’s stock soared over 3,400% after overcoming its legal challenges, and if XRP price mirrors this trajectory, the cryptocurrency could see a significant upward move. Ripple’s victory in its SEC case earlier this year has provided a strong foundation for optimism.
Ripple Price Technical Analysis: XRP Soars to Six-Year High After 400% Rally
Ripple price has skyrocketed this month, with Ripple climbing over 400%, reaching above $2.5, a six-year peak. At the time of reporting, the price of XRP is trading at $2.58, with a surge of 7% in the past 24-hours.
The cryptocurrency now stands just 36% below its all-time high (ATH) of $3.84, achieved in January 2018. For the first time since then, XRP price has reclaimed its position as the third-largest cryptocurrency by market capitalization, surpassing both Tether and Solana. Its market cap now sits at an impressive $156 billion.
If top altcoin sustains its upward trajectory, it could soon break through the $3 mark. Analysts suggest the cryptocurrency may edge closer to its ATH of $3.84 if bullish momentum persists. The Relative Strength Index is currently at 85, indicating an overbought region for Ripple price.
Key Drivers Behind XRP’s Surge: Ripple is nearing a victory in its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC). This potential win has significantly boosted investor confidence in XRP. Large-scale trades on Coinbase have driven up demand, increasing price premiums and providing substantial momentum for XRP’s recent rally.
Ripple’s RLUSD stablecoin is poised for release, pending approval from the New York Department of Financial Services (NYDFS). The upcoming launch has further fueled market optimism.
Ripple’s recent surge highlights its growing momentum, bolstered by regulatory clarity and market optimism. Parallels to Tesla’s trajectory suggest XRP price could achieve exponential growth, potentially reaching $13, as investor confidence and institutional interest continue strengthening the cryptocurrency’s outlook.
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