After surpassing its highest point in over two months at $2.61 on May 13th, XRP is experiencing a resurgence in the cryptocurrency market. Driven by increased trading volume and growing interest from both retail and institutional investors, XRP’s price has soared to new highs. Coin Glass reports a significant surge in spot and derivatives volume, with a massive spike of 193% for spot volume alone. This robust activity suggests a strong conviction among investors regarding the token’s potential. Technical analysis points towards continued upside as XRP breaks through key support levels and signals positive momentum indicators. The Elliott Wave Forecast indicates that XRP may be in the final stages of a bullish cycle, potentially reaching $6.39 if current trends continue. 24-hour spot volume surged by 193.5% to reach a staggering $10.83 billion. Derivatives volume also saw a considerable jump, increasing by 237%. With the growing momentum, analysts are looking at potential targets of $2.80 or even exceeding $3. On the other hand, breaking below the support levels at $2.20 could lead to a short-term correction in price. 2.45 is crucial, as if this level holds, XRP could continue its upward trend and potentially reach $2.80 or even test $3. However, if the resistance levels are not overcome, a pullback may occur. Beyond technical analysis, XRP’s adoption and regulatory landscape have also contributed to its price surge. On-chain data reveals an increasing number of XRP holders. Payment platforms like Travala have included XRP for travel bookings, contributing to real-world use of the token outside speculation. Furthermore, Missouri’s proposed House Bill 594 aims to eliminate capital gains taxes on digital assets, which could impact market psychology. This initiative could lead to a more favorable environment for both investors and businesses. Meanwhile, XRP briefly surpassed Tether (USDT) in market capitalization, indicating potential for growth within the top cryptocurrencies. As cryptocurrency markets evolve, XRP is considered a bellwether asset. Its performance often precedes broader altcoin trends, suggesting increased activity in assets that previously lagged the market. However, some challenges remain. The $3 psychological level has been a significant hurdle for XRP and requires sustained trading volume to overcome. Continued regulatory uncertainty around stablecoins and staking within the US could also impact XRP’s potential. Ultimately, whether this surge marks a multi-month rally or just a short-term spike depends on how broader market trends, regulation, and crypto market dynamics evolve over the coming weeks.