Ripple's XRP Token Surges by 444% This Month, Reaching a Six-Year High

The cryptocurrency, now trading at $2.74, has reached a six-year high and is just 36% shy of its all-time high (ATH) of $3.84 recorded in January 2018.

Ripple’s XRP token has had an incredible month, surging by an impressive 444%. The cryptocurrency is now trading at $2.74, reaching a six-year high and coming within 36% of its all-time high (ATH) of $3.84 set in January 2018.

XRP holders are reporting an average profit of +225%, outperforming major cryptocurrencies like Bitcoin and Ethereum. In fact, XRP has regained its position as the third-largest cryptocurrency by market capitalization for the first time since 2018. Overtaking Tether (USDT) and Solana (SOL), XRP now has a market cap of $156 billion, leading Tether by about 12% and Solana by a significant nearly 40%.

On a technical note, XRP has broken out of a long-standing resistance trendline in the daily time frame. Simple Moving Average (SMA) and Relative Strength Index (RSI) are indicating strong buying momentum.

Analysts predict that the token could soon be testing its upper resistance levels of $2.85 and $3.00, and if bullish sentiment continues, XRP could reach $3.20 in the short term.

If the rally sustains, XRP could breach the $3 mark, setting the stage for a new ATH. However, a bearish reversal may see prices testing support at $2.25 or even $2.00.

Also Read: XRP Futures Open Interest Hits Record $3.91 Billion Mark