XRP Soars to $2.61: Highest Since March Amid Explosive Trading Surge

Unprecedented Volume and Market Cap Leapfrogging

XRP just rocketed to a mind-blowing $2.61 in its latest adrenaline-fueled rally, hitting the highest peak it's seen since early March! This bad boy's been on fire, climbing 4% in just the last day and surging 6% over the past week. The trading floor's buzzing like never before, with XRP's spot volume blasting through the roof at $10.83 billion – that's a staggering 193.5% jump from yesterday!

Derivatives Market Goes Wild

It's not just the spot market; the derivatives scene's exploding too! Trading volume shot up a whopping 237.27% to hit $19.4 billion, while open interest climbed 13.55% to $5.23 billion. It's like a stampede of traders piling in, betting big on XRP's next move. The market's on fire, and everyone wants a piece of the action!

XRP Outshines Tether, Eyes on the Prize

Hold onto your hats – XRP briefly outshone Tether, claiming the third spot in crypto market cap rankings after this epic rally. It's not just luck; a cocktail of killer events is fueling this surge. We've seen an 11% spike in XRP holders since the year kicked off, plus growing adoption through payment giants like Travala. And get this – Missouri's got a hot new bill on the table, House Bill 594, that could let citizens skip capital gains taxes on gems like XRP and Bitcoin. Talk about a game-changer!

Technical Analysis: All Signs Point Up

On the tech front, XRP's riding a wave of pure bullish momentum. It's soaring above every major moving average, from the 10-day to the 200-day – and they're all screaming buy! The MACD's in the green, and the relative strength index is sitting pretty at 62, hinting that XRP's got plenty more room to climb before it hits overbought territory.

Where's XRP Headed Next?

If XRP can keep its ground above the $2.45 support level, it's got its sights set on $2.80 or even the psychological $3 mark. But watch out – if it dips below $2.20, we might see a short-term cool-down.

Elliott Wave Theory: The Big Picture

Crypto guru Dark Defender's dropping some serious wisdom, hinting that XRP's latest surge could be the start of a monster wave. In a May 10 post, they're diving deep into Elliott Wave theory, suggesting XRP might've wrapped up its Wave 4 at $2.07 and is now charging into Wave 5 – the powerhouse of the cycle. They're saying if this pattern sticks, XRP could be gunning for targets between $5.85 and $6.39 in the coming weeks. Buckle up – it's gonna be a wild ride!