Ripple Labs-backed XRP led in the mild cryptocurrency rebound in the past 24 hours following the regulatory clarity from the U.S. SEC. The large-cap altcoin, with a fully diluted valuation of about $246 billion and a 24-hour average trading volume of about $10.5 billion, pumped over 7.7 percent in the past 24 hours to trade about $2.48 on Thursday, March 20, during the mid-London session.
The XRP futures open interest (OI) pumped over 18 percent in the last 24 hours to hover about $3.82 billion at the time of this writing. As a result of the heightened XRP price volatility, more than $36 million was liquidated from the leveraged market.
Mid and Long-term XRP Price Expectations
As Coinpedia has severally reported, XRP price has already confirmed a bullish breakout from a six-year triangular consolidation. From a technical analysis standpoint, XRP price is about to kickstart the next bullish phase towards the price discovery phase.
In the daily time frame, the XRP price must consistently close above the resistance range between $2.7 and $3 to confirm the onset of the next parabolic rally. Moreover, the XRP price has been forming a potential head and shoulders (H&S) pattern coupled with a bearish divergence of the Relative Strength Index (RSI).
Meanwhile, the XRP price has established a robust support level of around $2, which could hold in case of further correction in the near term.
Key Factors Driving XRP Growth
In the past two quarters, XRP demand has experienced a sharp uptick catalyzed by institutional investors working closely with Ripple Labs. Already, nearly a dozen fund managers – led by Bitwise and Franklin Templeton – have filed for a spot XRP ETF with the U.S. SEC.
With Ripple out of the hook from the litigation by the U.S. SEC, Brad Garlinghouse predicts that the agency will approve several spot XRP ETFs in the second quarter of 2025.
Meanwhile, the XRPL network has significantly grown in the past few years to a robust web3 ecosystem. The launch of Ripple USD (RLUSD) has helped increase the on-chain activity for XRPL.
