XRP Poised for Notable Gains Despite Recent Stagnation
While Bitcoin hit new highs this week, XRP remained stable. However, traders on Polymarket predict a strong rebound. On Friday, May 23, XRP was at $2.4, marking a 50% increase from its April low.
Polymarket traders are bullish, seeing XRP retesting its 2018 peak of $3.3517 before year-end. This requires a 40% jump. The odds of this happening reached 46% on Friday, up from 24% in early may.
Several factors could drive XRP’s price up. the SEC is likely to approve multiple XRP spot ETFs this year. Approval odds are at 85% on Polymarket. JPMorgan predicts these ETFs will draw over $8 billion in the first year.
Another positive is Ripple Labs’ talks with Circle, the USD Coin creator. A deal would make Ripple the second-largest stablecoin operator after Tether, boosting Ripple USD’s reach.
Hidden Road’s migration to XRP Ledger could also spur growth. The network processes over $10 billion annually. This is crucial as XRP stays above the 50-week exponential Moving Average, indicating strong support.
Technically, XRP is above the $1.9798 support, part of a cup-and-handle pattern from 2022-2024. This suggests a potential surge to $3.72, surpassing the current all-time high.
