XRP to $3 Possible as 6-Year Growth Milestone Comes into View
Emily HarrisXRP Surge Fuels Bullish Momentum in Crypto Market
The cryptocurrency market is riding a wave of bullish momentum, with several assets posting notable gains. Among them, XRP stands out with an impressive 4% price surge, inching closer to the $2.50 threshold.
Data from Cryptorank reveals XRP's average May growth rate sits at 26%. This current rally, mirroring the broader market's upward trajectory, could propel XRP beyond the $3 mark in coming weeks.
XRP's Historical Performance
Since 2019, XRP has faced challenges maintaining its 26% average growth rate due to market downturns. The coin recorded negative May performances in three consecutive years:
- 2020: -4.40%
- 2021: -34.4%
- 2022: -28.4%
However, 2023 marked a turnaround with 9.84% growth, followed by 3.17% in 2024. Currently boasting 10.7% growth, XRP appears poised for further gains. If historical patterns hold and the coin achieves 26% monthly growth, we could see prices reach $3.02 by month's end.
Current Market Position
As of now, XRP trades at $2.42, up 3.03% in 24 hours. Earlier trading saw a peak of $2.45, with trading volume surging 53.02% to $4.49 billion - indicators that suggest potential for additional price increases.
Bullish Catalysts
Several factors support XRP's upward trajectory:
- Resolution of Ripple's SEC lawsuit enabling institutional adoption
- Tectrium 2x Long Daily XRP ETF's $120M AUM demonstrating market interest
- Volatility Shares' launch of the first 1x XRP ETF
While the SEC has delayed approval for a spot XRP ETF, investor positioning ahead of potential approval could drive XRP to new price highs this month.
