In the wake of the recent settlement with the US Securities and Exchange Commission (SEC), Ripple (XRP) could see its biggest price surge ever. In fact, traders are expecting an unprecedented surge in the cryptocurrency. Given the high sentiment, the metrics point to a significant increase in the asset.
Just last week, Ripple Labs ended its years-long legal battle with the regulator. The moment was monumental and the company overcame a constant obstacle. Now, regulatory clarity could be just what the token needs to experience a monumental breakthrough. XRP traders have never seen anything like it.
Also read: Ripple: Does the agreement with the SEC open the door for an XRP ETF?
XRP is about to make its biggest breakout of all time? One trader believes so
At the start of 2024, Ripple (XRP) had tremendous potential. The asset struggled as it battled an ongoing legal battle that diminished its breakout potential. However, this is not over. In the aftermath, the cryptocurrency has thrived, rising more than 18% in the past seven days, according to CoinMarketCap.
But this could be just the beginning. In fact, Ripple could see the biggest price increase ever for XRP. The pseudonymous crypto trader Steph is crypto took to X (formerly Twitter) to discuss the potential breakout. In particular, they pointed out that the monthly chart seems to bode well for the token.
“XRP is preparing for the biggest breakout in its entire price history this month,” the user explained. In addition, they shared a chart showing the formation of a bullish triangle pattern. The formation is typically a harbinger of massive price increases in the crypto market.
Also read: Ripple announces partnership with UAE as XRP hopes for recovery
The chart pattern has shown that XRP trading volume has increased by more than 51% in the last 24 hours. With more than $1.5 billion, the asset is seeing a flurry of activity. Moreover, according to Deribit, traders have invested more than $2 million in the asset’s $1.10 call option. This shows that these traders expect the asset’s value to double by the end of the month.
This bullish stance shows a broader perspective on XRP’s position. Specifically, how it could skyrocket. The asset has also seen a flurry of ETF and IPO hype. There are some who expect Ripple and Solana to join Bitcoin and Ethereum as crypto-based ETFs in the United States sometime in 2025.
Ripple XRP (with tags for translation)
