Ripple’s XRP could be gearing up for a big rally. At press time, the XRP price is trading at $2.37. This is down 2.18% over the last 24 hours but up 50% from its lowest point in April. Traders on prediction platform Polymarket believe XRP could soon return to its all-time high of $3.3517. The odds of that happening jumped to 44% on May 23, up from 24% at the beginning of the month.

Polymarket users are feeling more confident after Bitcoin hit a new record above $109,000. The rise has brought fresh energy to the crypto market, and many believe XRP will follow. In a recent tweet, crypto analyst Credible Crypto said XRP price can mimic Bitcoin’s rally and reach its own ATH faster than before. 

“The chop/consolidation we are seeing on $XRP in the $2 range is not a cause for concern—the longer we chop in this tight range the more explosive the next leg up will be” He compared XRP’s upcoming move to Bitcoin’s Wave 3 surge from $25K to $74K, saying XRP’s structure looks just as promising.

One catalyst fueling this outlook is the market’s expectation that the U.S. Securities and Exchange Commission (SEC) might approve spot XRP ETFs. According to data from Polymarket, traders are given an 85% chance of this happening this year. 

Meanwhile, JPMorgan estimates that these ETFs could attract $4-8 billion in the first year. One XRP ETF called XXRP already brought in over $121 million in assets, even with an expense ratio of 1.89%.

Moreover, Ripple is also rumored to be in talks to buy Circle, the company behind USD Coin. If the deal goes through, Ripple would become the second-largest stablecoin provider after Tether. This would also support Ripple USD, the company’s own stablecoin launched last year.

Another major update is that Hidden Road, a platform that moves over $10 billion annually, is expected to switch to the XRP Ledger. This could bring a big increase in network activity, which may push up the token’s price.

Technical signals are also strong. On the daily chart via Tradingview, XRP price is staying above its 50-week exponential moving average. This is a level that has acted as support since November 2024. The coin also broke out of a long-term resistance zone and flipped it into support. 

Analyst Dark Defender believes the next target could be $5.85 if momentum continues. In a post on X, he said, “XRP is targeting $3.33 in the short term, and is expected to fire the bullet, which will then likely flatten itself against the $5.85 parapet.” In short, if XRP price follows its current path, traders and analysts agree that new highs could be just around the corner.

Also Read: Bitcoin Price Drops Below $109K; What could be the Reason?