XRP surged past a critical milestone on Friday, July 18, hitting a new all-time high (ATH) fueled by a wave of bullish developments and major crypto-related legislative debates.
This week, the U.S. House of Representatives passed three important bills, including the long-anticipated GENIUS Act and CLARITY Act, which aim to establish a clear framework for digital assets, including XRP.
Adding fuel to the momentum, ProShares announced it would debut the first U.S.-listed XRP futures exchange-traded fund (ETF).
The price peaked at $3.62, according to Arkham Intelligence, marking a gain of around 68% over the past month.
Could XRP hit $4?
At press time, XRP was trading at $3.49 and enjoying a market cap of $207.32 billion.
However, thanks to the new ATH record, institutional accumulation, and news of an upcoming ETF, many are speculating whether XRP might hit $4 soon.
Rumors about the United States Securities and Exchange Commission (SEC) potentially abandoning its appeal in the ongoing Ripple case are also contributing to the optimism.
XRP has outpaced the broader crypto market since the beginning of July, leading gains among the top four digital assets by market capitalization, according to a recent report from Bybit x BlockScholes.
On the technical front, XRP shows signs of strong upward momentum, with the moving average convergence divergence (MACD) holding at 0.246. However, it bears mentioning that the daily Relative Strength Index (RSI) has reached 89, signaling the asset may be overbought.
Futures market activity has also gone up, with open interest surpassing $10 billion, according to CoinMarketCap.
However, while speculative capital indeed supports bullish price action, it also increases the risk of large-scale liquidations if sentiment reverses, In other words, the $4 target is still uncertain, at least in the short run.
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