XRP Price Targets $6.3 as Technical Setup Strengthens

XRP price is gaining upward momentum amid a broader crypto market recovery post-FOMC meeting, now trading at $2.17.

The price of XRP is showing signs of a strong rebound as it trades at $2.17, following a broader cryptocurrency market recovery post-FOMC meeting. Daily trading volumes have surged by 80% to reach $4.35 billion, indicating heightened trader activity.

The renewed focus on Ripple reserves and strong whale activity in recent days are also fueling short-term bullish sentiment for the altcoin.

As the 5th Monthly Wave completes correction

The price of XRP has quickly rebounded after briefly dipping to $2.13, confirming a bullish structure and resuming its upward trajectory. Prominent crypto analyst Dark Defender has identified key resistance levels at $2.222 and $2.36, which the coin is nearing.

With the correction phase complete, XRP price may be entering its next upward wave. The analyst has divided the ongoing 5th Monthly Wave into five sub-waves, with the first target at $3 and the third and fifth at $4.4 and $6.3, respectively.

This structure showcases a well-formed rally pattern, which could see the price of XRP increase rapidly if market conditions remain favorable.

Moreover, traders are aligning with the technical forecast as volume activity continues to rise. XRP open interest today jumped 3.28% to $3.72 billion, further supporting the bullish scenario.

Additionally, XRP options open interest surged 28%, and trading volume crossed $1 million, reinforcing expectations of upward movement.

Two large XRP transactions by whales have sparked speculation about Ripple’s strategic reserve activities. According to blockchain data, 70 million XRP, valued at $148.3 million, were transferred from an unknown wallet to another undisclosed address.

Later, another transaction involving 300 million XRP, valued at $633.7 million, were also moved to an undisclosed wallet. Both transactions occurred within a 24-hour period and were noted by cryptotipter.

The scale and timing of these transactions coincide with the broader market recovery and increased trading interest in XRP. As Ripple-linked entities executed these transactions, it may suggest that they are preparing for market adjustments or engaging in strategic positioning.

Moreover, market participants are keeping an eye out for subsequent signals that could impact the price behavior of XRP in the short term.

When combined with technical indicators, such large-scale transfers are often observed to precede significant price movements, especially when supported by market sentiment.

Historically, the price of XRP has shown a swift response to on-chain activity by whales. With the alignment of technical and on-chain data, the stage is set for heightened price volatility in the days ahead.

New Hampshire legislation may offer further price gains for XRP in the long term following the recent passing of legislation in the state tying crypto market capitalization benchmarks to legal status.

If XRP reaches a market cap of $500 billion by year-end, it will become eligible for the state’s strategic digital asset reserve, according to the new law.

This milestone would require the price of XRP to rise to approximately $8.5. Such a valuation aligns with forecasts that predict a climb to levels beyond $10 by the end of 2025 as broader adoption occurs.

The legal developments unfolding in New Hampshire increase the legitimacy of XRP as a strategic asset, potentially catching the attention of institutional investors. This legislation could also amplify future buying activity and offer additional support for the acceleration of the price of XRP.

The growing role of Ripple in state-level frameworks provides a new narrative for the price movements of the cryptocurrency. As the macroeconomic and legal frameworks evolve, XRP is acquiring increased utility and recognition.

The convergence of legal clarity, market momentum, and strategic planning positions the price of XRP for an aggressive upward push.