TradingKey - Ripple (XRP) gains widen to 18%, approaching $1.2, with technical predictions indicating a potential further surge of 30%.
On August 20, Eastern Time, cryptocurrencies saw a broad rally, and Ripple (XRP) also registered an explosive surge, soaring about 18% in a single day, leading major coins like Bitcoin (BTC), Solana (SOL), BNB (BNB), and Dogecoin (DOGE).
The surge in Ripple (XRP) price was mainly driven by four factors: the US Treasury doubled its bond buybacks to $4 billion per session, significantly easing global liquidity conditions; the SEC passed regulations establishing exemption and safe harbor mechanisms for crypto assets, fueling market expectations that regulatory hurdles for cross-border payments and cross-border stablecoins—including Ripple's RLUSD—have been officially removed; and Ripple completed a $275 million senior unsecured bond issuance, substantially boosting traditional financial giants' trust in using the XRP Ledger for liquidity settlement.
Currently, the price of Ripple (XRP) is approaching the $1.20 mark, reaching a new two-month high, with the next line of defense at $1.30, a support level formed in the first half of this year that has now turned into resistance. Going forward, if Bitcoin consolidates above $70,000, XRP's bullish momentum is expected to continue, potentially breaking above $1.30 and challenging the second resistance level at $1.60, representing about 33% upside from current levels.
XRP price chart, Source: TradingView
It is worth noting that if XRP rises more than 30% further from current levels, the target price will point directly to $1.55–$1.60, implying that XRP will completely reverse its bottoming pattern from early August and enter a strong medium-term upward channel.
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