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The cryptocurrency market is bullish, with several projects recording significant price movements. XRP is one of the big movers with an almost 4% price spike, with the coin pushing for $2.50 to achieve a growth milestone.
XRP: May’s growth trend signals potential $3 surge
According to Cryptorank data, XRP's average growth rate in May comes in at 26%. XRP’s current bullish rally, aligned with broader bullish performance, is priming the coin to possibly flip the $3 price mark.
Notably, since 2019, XRP has not been able to achieve its average growth rate of 26% due to either modest market conditions or bearish trends.
For instance, in the three consecutive years after 2019, XRP suffered losses in May, with negative growth of 4.40%, 34.4% and 28.4%, respectively. In 2023 and 2024, XRP recovered to post positive growth of 9.84% and 3.17%, respectively.
XRP’s current growth rate is 10.7%, and the coin is rallying to a higher level. If history repeats itself and XRP registers a 26% growth rate, then the price could hit as high as $3.02 before the month's end.
As of press time, XRP is exchanging at $2.42, representing a 3.03% increase in the last 24 hours. The coin peaked at $2.45 in earlier trading, and with the current surge in trading volume at 53.02% or $4.49 billion, XRP might see bigger price spikes.
XRP institutional demand as catalyst
Interestingly, XRP has enough bullish drivers to support a push to breach the $3 level. Notably, the resolution of the legal battle between Ripple and the Securities and Exchange Commission (SEC) has paved the way for more institutional adoption.
The acceptance of the Tectrium 2x Long Daily XRP exchange-traded fund (ETF), which has over $120 million in assets under management, helps gauge market anticipation of a spot XRP ETF. Volatility Shares has also hopped on XRP futures with the first 1x XRP ETF.
Although the SEC has delayed approval for the spot XRP ETF application, investors positioning themselves ahead could help XRP hit a price milestone this month.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team