XRP Analysis: Price Nears $3.40 ATH, Eyes $15 Target Amid Surge

XRP has experienced a sharp price increase, pushing past the $3.30 mark and coming close to its all-time high of $3.40. 

This move follows a breakout from a symmetrical triangle pattern that had been forming since 2018, indicating a potential long-term bullish trend.

According to crypto analyst Ali (@ali_charts), the breakout suggests an upside target of $15, based on the height of the pattern. XRP initially broke out from the $0.55-$0.75 range and surged rapidly, gaining 23.99% within a short period. 

If the price maintains support above key levels, analysts suggest further price appreciation could be possible.

XRP Outperforms Bitcoin and Ethereum

While many cryptocurrencies have followed broader market trends, XRP has moved independently, outperforming Bitcoin (BTC) and Ethereum (ETH). In the last few hours, XRP recorded a 16% gain against both BTC and ETH, demonstrating strong buying interest.

Coingecko data indicates that XRP has seen a 14.03% increase in the last 24 hours and a 45.08% gain over the past seven days. The 24-hour trading volume currently stands at $28.3 billion, with a market capitalization of $192.45 billion, making XRP one of the most traded assets in the crypto market.

Market Metrics and Trading Interest

According to data from Coinglass, XRP futures have seen a 57.49% increase in trading volume, reaching $43.79 billion. Open interest has also climbed 17.92%, now standing at $8.29 billion, reflecting growing participation in leveraged positions.

Options markets have also shown increased activity. Options trading volume has risen 13.96% to $29,180, while options open interest is up 3.73% at $4.32 million. 

The rising figures suggest that traders are positioning themselves for further price movement.

The chart tracking XRP futures open interest from August to January shows relatively low levels for most of the period, with values staying below $2 billion. A sharp rise started in late October, crossing $2 billion by mid-November and climbing to nearly $4 billion by the end of December. 

The most recent spike in early January pushed open interest past $6 billion, nearing $8 billion.

SEC Developments and Regulatory Changes

Reports suggest that the U.S. Securities and Exchange Commission (SEC) may be considering changes to its stance on cryptocurrency regulation. According to Reuters, the SEC might pause or drop certain non-fraud crypto-related cases in court. 

The shift comes as SEC Chair Gary Gensler prepares to leave his position next week, with a new Republican-led majority set to take over.

The incoming leadership, including Mark Uyeda and Hester Peirce, plans to introduce clearer guidelines on whether specific digital assets should be classified as securities. This development has created speculation about how future regulatory policies may affect XRP and the broader cryptocurrency market.

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