XRP May Be Nearing its Biggest Price Increase Ever

On Aug 12, 2024

Amid its recent settlement with the US Securities and Exchange Commission (SEC), Ripple (XRP) may be nearing its largest price increase ever. Indeed, traders are anticipating n unprecedented surge for the crypto. With sentiment high, metrics support a landmark increase for the asset.

Just last week, Ripple Labs ended its years-long legal battle with the agency. The moment was massive and saw the firm move beyond what has been a constant obstacle. Now, regulatory clarity could be just what the token needs to enjoy a monumental breakout. The likes of which XRP traders have never seen.

Also Read: Ripple: Does SEC Settlement Open the Door to an XRP ETF?

XRP Poised for Biggest Breakout Ever? One Trader Think So

Entering 2024, Ripple (XRP) boasted immense potential. The asset struggled, as it fought an ongoing court battle that weighed down its potential to break out. However, that’s not in the rearview mirror. Subsequently, the crypto has thrived, surging more than 18% in the last seven days, according to CoinMarketCap.

Yet, that may just be the beginning. Indeed, Ripple could be set to see XRP enjoy its biggest price increase ever. The pseudonymous crypto trader Steph is Crypto took to X (formerly Twitter) to discuss the potential breakout. Specifically, they noted how the monthly chart is looking to be good news for the token.

“XRP is gearing up for the biggest breakout in its entire price history on the monthly,” the user stated. Moreover, they shared a chart showcasing a bullish triangle pattern emerging. The formation is typically a precursor to massive price surges in the crypto market.

Also Read: Ripple Announces UAE Partnership as XRP Looks to Rebound

The chart pattern has shown XRP trading volume increased more than 51% in the last 24 hours. At more than $1.5 billion, the asset is seeing a flood of activity. Moreover, traders have put more than $2 million in the asset’s $1.10 call option, according to Deribit. That shows that these traders believe the asset’s value is set to double by the end of the month.

This bullish stance shows a wider perspective on XRP’s position. Specifically, in how it may be set to skyrocket. The asset has also seen a flood of ETF and IPO hype emerge. There are some who expect Ripple and Solana to join Bitcoin and Ethereum as crypto-based ETFs in the United States at some point in 2025.

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