XRP surged by more than 8 percent over the past 24 hours as the crypto market rallied during the weekend, breaking out of a flag pattern that analysts have tracked for weeks. This technical formation suggests a potential move to a mid-term target of $2.10, representing a 41 percent upside from current levels. The price action follows a post-Federal Open Market Committee (FOMC) breakout, indicating renewed market interest in cryptocurrencies despite a challenging macro environment.
Trading volumes jumped by 55 percent during this period to reach $4.7 billion, meaning 5 percent of the asset's circulating market cap exchanged hands. This volume spike indicates rising buying pressure. In the futures market, short liquidations spiked to $665 million, approaching levels seen in late August when the U.S. Securities and Exchange Commission (SEC) released new rules for the crypto space. A significant short squeeze appears to be unfolding as most crypto assets break past key resistance areas, with XRP outpacing most other top-10 tokens in the last day.
Ripple, the company behind the XRP Ledger, continues to build an ecosystem for enterprise payments. Recent advances include securing key licenses, establishing a prime brokerage business, and launching its native stablecoin, Ripple USD (RLUSD). Just days ago, Ripple released a developer kit that allows users to create AI agents capable of making payments using the XRP Ledger and RLUSD. Stripe, a major digital payments platform, will support this new use case as part of its infrastructure. This integration could increase transaction volumes on the XRP Ledger as the market for agentic payments grows.
An ongoing vote on two key proposals for the XRP Ledger is also progressing. These proposals aim to create a framework for a lending protocol on the blockchain that would use XRP as collateral and RLUSD as the settlement asset. Driven by these growing use cases, RLUSD's market cap has risen to near $2.4 billion, placing it within the top 10 stablecoins in the crypto space.
On the daily chart, XRP has broken out of a flag pattern characterized by a downward slope that previously indicated sellers were outpacing buyers in volume. That dynamic has now shifted. A break above $1.50 would confirm that XRP is on track to hit $1.80 in the near term. Analysts suggest that a supportive stance from the SEC, combined with these project-specific developments, could set the stage for a further rally.
The original analysis was posted on FX Empire and notes that these factors are bullish for driving XRP to a new all-time high during the next phase of the market.