XRP has exploded to a seven-week high, touching as much as $2.48 before falling back a little to just under the $2.40 area of support. The cryptocurrency's recent performance is attributed to growing speculation surrounding a potential BlackRock XRP-spot Exchange Traded Fund (ETF), positive developments in the ongoing Ripple lawsuit, and overall improved investor sentiment. XRP’s Fear and Greed Index has hit “Extreme Greed” index status, a [...]

XRP will need to maintain its increased trading volume in order stay on this upward path. Additionally, it should retake each day with a convincing daily candle above the $2.475 mark. Technical analysis shows strong support at $2.24, which could be used as a launchpad for more potential upside. A decisive move under this support level would change the present bullish perspective. Alternatively, it might even bring about a correction back toward $1.93.

Technical Indicators Point to Further Upside

XRP’s technical indicators point to the possibility of further bullishness. Relative Strength Index, RSI 63.30. This indicates that XRP still has room to grow before it enters the overbought zone. Weekly averages are 38% higher than the 30-day mean, an indication of a bigger trading volume and a bigger investor interest. These upward technical vibes, along with bullish sentiment in the market, make the case for more price appreciation.

XRP price’s targets are the same as before still, $2.75, $3.00 and $3.3999. XRP targeting $3.20–$3.43 as aligning with the weekly 61.8% Fibonacci level, XRP have their targets set at the $3.20–$3.43 area. A successful breach of the nearest resistance level could be the catalyst for some serious upside. This action will likely push prices up to the $3.00 psychological wall. The persistent attention and robust technical backing might create a strong base for XRP to shoot for greater heights.

Market Optimism and ETF Speculation

The recent surge in XRP's price is fueled by renewed investor optimism surrounding institutional adoption and potential resolution in the ongoing XRP lawsuit. On Saturday, May 10th, XRP price surged more than 5.44%, closing just below the $2.48 resistance level, which acted as a bullish continuation. This optimism about XRP’s future overall is seen in the recent price action.

Increased bullish sentiment The speculation surrounding a potential BlackRock XRP-spot ETF has done nothing but increase the bullish sentiment. A post on X.com from a crypto enthusiast stated:

BlackRock XRP ETF is coming soon!

BlackRock has not yet signed on the dotted line. The speculation is increasing buying pressure and adding bullish momentum to the market.

Ripple Lawsuit Developments and Global Economic Factors

XRP Price Performance That’s because any good news or positive court ruling in the case raises expectations for the deal, leading investors to bid the price higher. On the other hand, bad news is often what triggers a price correction.

Broader global economic conditions are contributing factors to XRP’s price movements. New optimism about global trade and economic growth increases demand for risk assets such as cryptocurrencies. Fears of recessions or global conflict are quickly met with sell-off pressure.