XRP Jumps to a Daily High of $2.60

XRP jumped to a daily high of $2.60 in its latest rally, reaching its highest level since March 6.

In a significant rally, XRP surged to a daily high of $2.61, reaching its highest level since March 6. The token experienced a 4% increase over the past 24 hours and a 6% rise over the last week.

Trading activity also picked up sharply. According to Coinglass data, XRP’s 24-hour spot volume hit $10.83 billion, a 193.5% increase from the previous day.

In the derivatives market, trading volume surged 237.27% to $19.4 billion, while open interest climbed 13.55% to $5.23 billion. These figures suggest that more traders are entering the market and putting larger bets on XRP’s next move.

Relying on data from Santiment, a combination of positive events seem to have contributed to XRP’s latest price surge.

Since the beginning of the year, XRP has seen an 11% increase in holders, there’s been growing adoption through payment platforms like Travala, and Missouri is proposing House Bill 594. The bill would allow citizens to deduct all capital gains taxes on assets like XRP and Bitcoin (BTC).

" 📰 Missouri proposes a new bill allowing for ALL crypto capital gains to be tax deductible.

This would be HUGE for any U.S. citizens holding assets like BTC or XRP. It's currently in the Missouri House of Representatives, and we're keeping an eye on the progress closely.

Stay tuned for updates!"

On the technical side, XRP is showing strong upward momentum. It’s trading above all key moving averages, including the 10-day and 200-day averages, both signaling a buy. The MACD is in positive territory, and the relative strength index is at 62, which suggests the token still has room to move higher before becoming overbought.

If XRP can hold above the $2.45 support level, it could push toward $2.80 or even retest the $3 psychological level. But if it falls below $2.20, it might face a short-term pullback.

Crypto analyst Dark Defender believes XRP’s latest move could be the start of a bigger wave, according to their May 10 post on X. Using Elliott Wave theory, they say XRP may have finished its Wave 4 correction at $2.07 and is now entering Wave 5, which is often the strongest part of the cycle.

"Still needing confirmation, but if this pattern holds, we could be seeing targets around $5.85 - $6.39 for #XRP in the coming weeks."

However, if the lower time frames are used to count the waves, the potential targets for XRP’s next move could be even higher, reaching $8.09 or $9.34.