Ripple's cryptocurrency, XRP, skyrockets by 10% due to increased positivity following the Ripple-SEC ceasefire agreement
In the ever-evolving world of cryptocurrencies, two major players, Ripple ($XRP) and Ethereum ($ETH), have seen significant gains in the ongoing altcoin rally.
Ripple, the third-largest cryptocurrency by market capitalisation, has experienced a 10% increase over the past 24 hours, pushing its price to nearly $3.29. This surge may be attributed to the U.S. Securities and Exchange Commission (SEC) deciding to withdraw legal appeals against Ripple. This regulatory clarity, coupled with ongoing institutional adoption, has underpinned an optimistic outlook for XRP.
Market analysts, including XPMarket’s Head of Marketing Mr. Xoom, believe this momentum could continue into August 2025, enabling XRP to establish new all-time highs at $6 and potentially $8. Technical indicators, such as support holding and bullish moving averages, continue to favour buyers, strengthening the outlook for further upward price movement.
Meanwhile, Ethereum has surpassed the psychological level of $4,000, currently at $4,080.11. It is rapidly nearing its all-time high (ATH) of $4,891.70. The growth in Ethereum's price is a testament to the increasing adoption and development within the Ethereum ecosystem.
The trading volume of Ripple ($XRP) futures is currently $9.6B, having experienced a massive 200% growth. Ripple's futures open interest has climbed by 15%, reaching $5B. This increased trading activity suggests a growing interest in XRP's price action. However, the growth in Ripple futures trading volume and open interest could potentially trigger heavy leverage and subsequent pullbacks.
Chainlink ($LINK) has also seen a 10.83% spike, reaching $21.01 in price. The potential jump to $4.50 for XRP, if realized, could be a significant milestone in its price action, representing roughly a 35% increase from its current trading level.
In summary, the breakout above the bull flag and recent rallies have set Ripple and Ethereum on a bullish path. The ongoing altcoin rally includes Chainlink and Ethereum among its major crypto tokens. The potential for these cryptocurrencies to attain new milestones in terms of price action is a result of the settlement of the Ripple-SEC truce and the continued growth within the cryptocurrency market.
- The trading volume of XRP futures on various platforms has significantly grown by 200%, currently standing at $9.6B.
- Analysts forecast that Ripple's price might climb to new all-time highs, potentially reaching $8, representing a 150% increase from its current value.
- Ethereum's price has breached the $4,000 psychological level and is now hovering at $4,080.11, close to its all-time high of $4,891.70.
- The altcoin rally has seen other tokens like Chainlink ($LINK) experience a 10.83% climb, with its price currently at $21.01, potentially reaching $4.50 for a 110% increase.
