- XRP gained 1.8% and trades at $2.80 with strong support at $2.70.
- Technical patterns suggest a potential rally toward $5 if current levels hold.
- The new mXRP liquid staking token offers up to 8% yields and works across 80+ blockchains.
XRP has gained 1.8% in the past 24 hours, climbing to $2.80 amid renewed market optimism. The cryptocurrency shows technical strength while new developments expand its utility in decentralized finance applications.
The digital asset trades at $2.86, maintaining a position above the critical $2.70 support zone. This price level has withstood multiple tests from sellers, demonstrating market resilience. Trading volume suggests sustained interest as investors monitor potential breakout patterns.
Technical Analysis Points to $5 Target
XRP’s chart structure resembles a bullish pennant formation that previously generated an 88% price surge. The pattern suggests similar momentum could drive prices toward $5 if current support levels hold.
The immediate resistance is $3.19, representing the first major hurdle for advancing prices. Breaking through this ceiling opens the path to $3.64, where previous rallies encountered selling pressure. Clearing both levels would establish a clear trajectory toward the psychological $5 milestone.
Market analysts note the repeated defense of $2.70 support strengthens the case for upward movement. Each successful retest builds confidence among buyers while reducing downside risk. The formation edges closer to a decisive breakout that could mirror the scale of previous rallies.
XRP/USDT 1-Week Chart (Source: TradingView)
However, failure to maintain support would expose XRP to deeper corrections before any recovery attempt. The cryptocurrency needs sustained buying pressure to validate the bullish scenario.
mXRP Introduces New DeFi Opportunities
The launch of mXRP liquid staking token marks a significant expansion in XRP’s DeFi capabilities. Built on XRPL EVM and powered by Axelar’s cross-chain bridge, the token yields up to 8% for participants.
Midas developed the platform with Interop Labs, creating accessibility across over 80 blockchain networks. This broad integration enhances adoption potential while providing holders with flexible earning options.
The mXRP debut follows the introduction of XRP’s first-backed stablecoin, indicating a strategic push toward diversified financial products. These developments position XRP as more than a transfer mechanism, establishing it as a yield-generating asset within decentralized applications.
Token holders gain access to additional revenue streams while maintaining liquidity through the staking structure. The cross-chain functionality enables participation across multiple ecosystems, expanding XRP’s reach beyond its native network.
Combining technical strength and fundamental developments creates multiple catalysts for XRP growth. Price momentum aligns with expanding utility, potentially attracting institutional and retail interest.
DeFi integration through mXRP addresses long-standing criticism about XRP’s limited use cases. The liquid staking mechanism provides passive income opportunities while supporting network security and decentralization.
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