XRP has jumped more than 10% since Thursday, trading at $3.29 after Ripple and the U.S. Securities and Exchange Commission (SEC) agreed to dismiss their respective legal appeals. The move brings an end to a multi-year legal battle that has weighed heavily on XRP’s market performance. Market analysts say the resolution has reignited interest among traders and investors. XRP Futures Activity Surpasses Solana In the past 24 hours, XRP futures trading volume surged more than 200% to $12.4 billion, surpassing Solana’s $9.6 billion, according to on-chain data from Glassnode. A sharp rise in futures volume is often linked to heightened speculative trading, particularly after significant news developments. XRP open interest, reflecting the value of unsettled futures contracts, also increased 15% to around $5 billion. Glassnode data showed XRP’s daily funding rate at 0.01%, indicating a tilt toward long positions as traders bet on continued price gains. However, the analytics firm warned that heavy long positioning can magnify downside risks, with overleveraged traders vulnerable to forced liquidations if prices turn lower. Key Support Levels Identified Cost basis distribution data highlights the $2.80–$2.82 price range as a critical area of support. More than 1.70 billion XRP tokens were acquired within this band, suggesting many holders are likely to defend their positions if prices decline. Market watchers note that such concentrated buying zones can provide strong price floors. Technical Patterns Point to 35% Upside XRP’s recent price rally pushed it above the upper trendline of a bull flag formation. Trading volumes have risen in tandem, supporting the breakout momentum. Based on traditional chart analysis, the pattern suggests a potential move to over $4.50 — a gain of roughly 35% from current levels — by September or October. Expectations of a Federal Reserve rate cut in September could further fuel appetite for risk assets, including cryptocurrencies. Multiple analysts have issued bullish forecasts. Mikybull Crypto has predicted XRP could climb to between $5 and $8 by the end of 2025, while another analyst, Dom, has projected a price of $10.
