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XRP, the third-largest cryptocurrency by market capitalization, set a new all-time high of $3.66 on Friday, extending a run that began after the price bottomed at $1.9 on June 22.
Momentum increased after the passage of three crypto-related laws, including the CLARITY and GENIUS Acts, which seek to offer clearer regulatory frameworks for digital assets. ProShares filed for the first XRP futures ETF, while 11 additional asset managers submitted products based on XRP price movement. Traders are also pricing in an 88% chance of a spot XRP ETF approval by December 2025.
Analysts also point to a solid technical structure for the XRP price, with some anticipating targets above $4 for the cryptocurrency.
There are signs that altcoin season may be approaching, as indicated by CoinMarketCap's Altcoin Season Index, which analyzes the performance of the top 100 cryptocurrencies by market capitalization over the past 90 days. Currently, the indicator is 47; a value of 100 implies that the altcoin season is in full swing.
XRP is also on the verge of forming a golden cross on its daily chart, indicating potential upward momentum.
XRP price to $4: What's causing delay?
XRP price is currently trading at $3.45, up 0.25% in the last 24 hours. Since reaching a high of $3.66 on July 18, the XRP price has fluctuated between $3.35 and $3.48, indicating a consolidation phase.
The current structure building up might tend to a "bull flag" in which price action tightens within a downward-sloping channel or sideways range before breaking out to the upside. This means that XRP may be taking a breather before making its next upward move.
Hence, the delay in XRP reaching $4 appears to be a healthy consolidation rather than a setback, and XRP may be poised to continue its climb once momentum kicks back in.
Traders are now watching whether XRP can build fresh momentum above $3.45 and challenge the $3.60-$3.66 zone to hit $4. The $3.34 support remains the key level to hold if short-term bullish sentiment is to stay intact.
Vladislav Sopov
U.Today Editorial Team