Against the backdrop of the U.S House of Representatives passing three crypto bills, Ripple’s token, XRP, has appreciated and is currently priced at $3.57, just under its all-time high of $3.84. In a House session yesterday, the Digital Asset Market Clarity (CLARITY) Act, which seeks to establish a market structure for cryptocurrency, passed the floor with 294-134 votes, while the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed with 308-122 votes. The Anti-CBDC Surveillance State Act, which bans the Fed from launching its own stablecoins, passed marginally, securing 219-210 votes.
XRP ETF expected to be approved; the odds are 95%
However, it’s not just the passing of bills that has been catapulting XRP prices; the XRP ETFs also have a part to play here. Bloomberg ETF experts James Seyffart and Eric Balchunas state that the XRP ETF has a 95% chance of being approved by the Securities and Exchange Commission (SEC )by the end of 2025.
XRP shows exponential weekly growth
On the weekly chart, XRP is showing exponential growth with favorable market conditions, increasing retail and institutional interest. During the past week, XRP has gained almost 37%, after opening the market at a price $2.5. Since XRP is flirting way too close to the all-time high, the crypto market is wondering whether there could be a new all-time high on the cards.
XRP uptrend persists despite overbought conditions
After putting on an incredible show of breaking many resistance levels and rising close towards its all-time high, XRP stumbled upon the resistance level at $3.6 and retraced. Although the RSI indicator still flags overbought conditions, however, after the correction, the RSI is heading back into the neutral zone.
XRP’s new all-time high $4.6 is in play
A close look at the chart shows that after every bull flag, the price of XRP increased by 2x. For instance, after the first bull flag, XRP gained 9% while after the second bull flag, it gained 18%, and after the third bull flag, the token might gain 27%-30%, and might hit $4.40.
Even the Fibonacci level supports the above hypothesis, signaling that XRP has the potential to reach an all-time high of around $4.4-$4.6. However, with the lawsuit with the SEC almost nearing its end, the above-mentioned price could be just an average, with the top much higher.
