TLDR
XRP has broken the $3 price level for the first time since 2018, marking a 480% increase from its $0.50 low in November 2024
The surge comes amid rising ETF approval optimism, with analysts predicting potential billions in investment inflows
XRPL meme coins are experiencing a resurgence, with ARMY reaching a $107 million market cap after a 30% gain
The SEC has declined to postpone its Ripple lawsuit appeal despite upcoming leadership changes on January 20th
Trading volume and market activity show sustained momentum, with XRP becoming the third-largest cryptocurrency by market cap
XRP achieved a major milestone today as its price surpassed $3 for the first time since January 2018. The digital asset’s remarkable ascent began in November 2024, climbing from $0.50 to its current price point – a 480% increase over three months.
The breakthrough comes after weeks of consolidation near the $3 resistance level. Trading data from major exchanges shows XRP touched $3.02 on Bitstamp following the release of U.S. CPI data, though it has since pulled back slightly to trade at $2.97.
Market activity indicates strong buying pressure across multiple exchanges. Daily trading volume has exceeded $12 billion, marking one of the highest volume days in recent months. The surge in activity coincides with growing speculation about potential XRP ETF approvals.
The journey to $3 hasn’t been straightforward. After breaking through the $1 and $2 levels in quick succession during the initial rally, XRP faced strong resistance at $2.90. The price consolidated in this range for six weeks before today’s breakthrough.
NEW: $XRP hits $3 for the time since 2018. pic.twitter.com/Gnsu2tlmLK
— Eleanor Terrett (@EleanorTerrett) January 15, 2025
Technical indicators suggest the market might be approaching an overextended state. The Commodity Channel Index currently reads 236, indicating potential for a short-term pullback. Support levels have formed at $2.50 and $2.48, corresponding to key Fibonacci extension levels.
The XRP Ledger ecosystem is showing robust activity beyond just price action. Meme coins built on the network are experiencing a renaissance, led by ARMY token, which reached a new all-time high market cap of $107 million after gaining 30% in 24 hours.
Secondary trading in XRPL meme coins PHNIX and LIHUA has generated nearly $1 million in volume over the past day. These tokens have reached market caps of $45.6 million and $35.4 million respectively, adding to the overall network momentum.
The price movement comes despite ongoing regulatory challenges. The SEC recently declined to postpone its appeal hearing in the Ripple lawsuit, even with upcoming leadership changes scheduled for January 20th. However, market participants appear undeterred by these developments.
XRP Price on CoinGecko
Institutional interest continues to grow. Analysis from major firms suggests that potential XRP ETF approvals could bring billions in new investment to the asset. This speculation has contributed to XRP climbing to third place in overall cryptocurrency market capitalization rankings.
The current rally builds on momentum that began over the weekend. XRP recorded a 10% increase on Saturday, January 11th, followed by a minor 2.81% pullback on Sunday before resuming its upward trajectory this week.
Today’s 15.54% gain makes XRP the strongest performer among top 10 cryptocurrencies over the past 24 hours. It also ranks as the fifth-highest gainer among the top 100 digital assets by market capitalization.
Network metrics support the price action. The XRP Ledger broke records for account activations and transactions in early December, indicating growing adoption and usage of the network beyond speculative trading.
Looking at historical context, XRP’s previous encounter with the $3 level occurred during the 2017-2018 bull run, when it reached an all-time high of $3.31. The current price remains about 10% below that peak.
Chart analysis suggests $3.70 could be the next major target if buyers maintain control, aligning with the Fibonacci 1.272 extension level. However, this would require sustained buying pressure and successful defense of the $3 support level.
Trading data from spot exchanges shows increasing bid depth below current prices, particularly in the $2.80 to $2.90 range, suggesting traders are positioning for potential dips.
The post XRP (XRP) Price: Token Hits $3 as Network Activity Reaches New Heights appeared first on Blockonomi.
