XRP Soars to $2.20 as Daily Trading Volume Surges Over 100% to $4.69 Billion

This rally, driven by heightened whale activity and growing legal momentum, positions XRP as a potential contender for state-level digital asset reserves.

XRP price today surged to a new seven-week high of $2.21, marking a significant recovery from recent lows around $1.7. The token is now trading at $2.1, still up over 50% from its 2023 lows.

This rally, driven by heightened whale activity, growing legal momentum, and potential state-level recognition, positions XRP as a potential contender for state-level digital asset reserves.

As reported by American Banker, New Hampshire’s HB 302 Bill proposes creating a state-managed digital asset reserve. The current draft requires cryptocurrencies to have a market capitalisation of at least $500 billion by 2026 to be included in the reserve.

Bitcoin meets the threshold today, and analysts believe XRP could also qualify if it sustains its market growth. Currently, XRP holds a market cap of about $125 billion.

Legal analysts, including Fred Rispoli, suggest XRP could reach the $500 billion requirement in the next two years if present trends continue.

This inclusion would grant XRP significant legitimacy as a strategic digital asset for state-level financial planning.

"If you look at the bill, it says that, to be included in the program, the digital asset must have a market cap of at least $500 billion by 2026, and it must be able to be used to make and receive payments," Rispoli said.

"Bitcoin meets both of those criteria today. It has a market cap of over $800 billion and is widely used for payments. Few, if any, other digital assets would meet the criteria."

However, he added that if the price of XRP continues to rise at its current rate, it could reach a market cap of $500 billion within the next two years.

"If that happens, then XRP would be included in the program. This would be a major win for the crypto industry, as it would provide legitimacy for cryptocurrencies at the highest level of government."

The bill's integration into New Hampshire's financial planning underscores the increasing technical and legal attention on digital assets. This aligns with broader trends toward incorporating cryptocurrencies into mainstream financial systems.

As reported by The Block, technical indicators are also pointing toward further gains for XRP.

Crypto analyst Dark Defender has identified $3 as a short-term target for XRP, with medium-term levels at $4.40 and $6.30.

The optimism is underpinned by higher lows forming on the four-hour chart, a MACD bullish crossover, and an RSI reading of 64.60.

XRP is also trading above key Exponential Moving Averages, which typically indicate sustained strength in an uptrend.

At the same time, two large XRP transfers, one involving 70 million tokens and another 300 million, were recently made to unidentified wallets, sparking speculation that institutional investors or long-term holders may be positioning for potential price appreciation.

On-chain data shows that XRP whales have become more active since May began. The increase in large transfers coincides with a rise in daily trading volume, which spiked over 100% to reach $4.69 billion.

This wave of buying pressure has helped XRP break through key technical levels and maintain upward momentum.

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The post XRP price hovers around $2 as technicals favor further gains appeared first on Chain Telegram.

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