The XRP price stayed within a narrow range this week as Bitcoin soared to a record high, but Polymarket traders see this as the calm before the storm, anticipating an eventual rebound.

Ripple (XRP) was trading at $2.4 on Friday, May 23, up by 50% from its lowest level in April this year.

Polymarket traders are optimistic that the coin will bounce back and retest its all-time high before the year ends. For that to happen, it will need to jump by almost 40% to get to its record high of $3.3517, which it reached in 2018. Odds of XRP price rising to that level rose to 46% on Friday, up from 24% on May 1. 

XRP price has numerous catalysts that may push it to its all-time high this year. The most notable one is that the Securities and Exchange Commission is expected to approve several spot XRP ETFs later this year. Odds of this approval happening have risen to 85% on Polymarket. 

There are signs that spot XRP ETFs would be successful. JPMorgan has predicted that these funds will attract over $8 billion in inflows in the first year. Also, XXRP, a recently approved leveraged ETF has already attracted over $121 million in assets despite its 1.89% expense ratio.

The other potential catalyst for XRP price is that Ripple Labs is in talks to acquire Circle, the creator of USD Coin. If the transaction goes through, Ripple will become the second biggest operator of stablecoins after Tether. It would also help to complement Ripple USD, which it launched last year.

Further, XRP Ledger transactions are expected to keep growing in the coming months when the Hidden Road network migrates to the network. This is notable since Hidden Road handles over $10 billion a year. 

XRP price technical analysis

Technicals suggest that the XRP price will bounce back, and possibly hit its all-time high. It has remained above the 50-week Exponential Moving Average, which has provided it with support since November last year. 

XRP also remains above the key support at $1.9798, the upper side of the cup-and-handle pattern that formed between 2022 and 2024. The depth of this cup was 87%, and measuring the same distance from its upper side points to an eventual surge to $3.72, up slightly from the current all-time high of $3.5437.