The cryptocurrency market extended its rally on Wednesday, with Bitcoin and other major cryptocurrencies in the green.
Bitcoin set a new all-time high of $112k roughly two months after hitting $111k for the first time in its history.
XRP is one of the best performers in the top 10, as it is up 4% over the last 24 hours.
Traders are anticipating a further price surge for XRP amid growing institutional demand.
RLUSD’s market cap surpasses $500M
XRP, Ripple’s native coin, is up 4.4% in the last 24 hours and now trades above $2.4 for the first time since May 22.
The rally comes amid an improved sentiment in the broader crypto market.
Another major catalyst behind XRP’s rally is the surge in RLUSD’s market cap.
RLUSD is Ripple’s stablecoin, and it has now surpassed a market cap of $500 million.
This means that RLUSD has become one of the top 20 stablecoins in the world by market cap, roughly seven months after its launch.
In addition to that, Thumzup Media has expanded its bitcoin-focused treasury strategy to include XRP, SOL, DOGE, ETH, and other tokens.
The company also disclosed that Donald Trump Jr. owns 350,000 shares, worth about $4 million at current prices.
Analysts now expect XRP to rally higher in the near to medium term.
While speaking to CoinDesk, Arthur Azizov, founder of B2 Ventures, said XRP is likely to move towards a new local high around $2.65 if the current rally continues.
“Since XRP has been in accumulation for quite a long time, the outlook remains positive,” he added, suggesting a rally towards $4-$6.
XRP eyes $3 as technical indicators switch bullish
The XRP/USD 4-hour chart has turned bullish after the coin topped the $2.4 mark.
The technical indicators suggest XRP could be ready for a rally above the $3 mark.
The Relative Strength Index (RSI) of 73 shows that XRP could be heading into an overbought region soon.
In addition to that, the MACD lines are deep within the positive territory, suggesting a strong bullish bias.
XRP currently has a flag with multiple bullish formations, including a symmetrical triangle and bull flag, supporting the case for a rally towards the $2.60–$2.65 resistance level.
If broken, those levels could act as a springboard to hit the $3 mark for the first time since February.
In the event of an extended rally, XRP could hit the TLQ level at $3.2 before encountering massive short positions.
The medium to long-term prediction for XRP remains between $4 and $6 as traders predict a new all-time high over the next few months.
In the event of a correction, XRP could retest the ILQ at $2.379 in the coming hours before surging higher.
A break below this level could see XRP retest the $2.2 resistance.
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