TLDR
- XRP is trading at $2.21, showing bullish momentum above key $2.20 support level
- Ripple’s $5 billion bid to acquire Circle (USDC issuer) was rejected as Circle focuses on IPO plans
- Technical indicators like MACD suggest potential uptrend toward $3.00
- Ripple recently acquired Hidden Road brokerage for $1.25 billion to expand beyond crypto
- Analyst EGRAG predicts XRP could reach $17 in May 2025 based on historical pattern analysis
XRP, the cryptocurrency associated with Ripple, is currently building bullish momentum as it trades above the $2.20 support level. Market analysts are watching key technical indicators and recent corporate developments that could impact its price trajectory in the coming weeks.
As of Thursday, May 1, 2025, XRP is consolidating at $2.21, reflecting the sideways trading pattern seen across the broader cryptocurrency market. This price point coincides with support from both the 50-day and 100-day Exponential Moving Averages (EMAs).
The Moving Average Convergence Divergence (MACD) indicator has crossed above the mean line, accompanied by green histograms. This technical formation, triggered when the MACD line crossed above the signal line on April 11, represents a buy signal that supports the current bullish outlook.
If bulls maintain control above the $2.20 support level, XRP may target resistance levels at $2.50, $2.80, and potentially $3.00 in the medium term. However, traders should be aware that rejection at the $2.20 level could lead to increased volatility and potential drawdowns toward the 200-day EMA at $1.98.
Corporate Developments
Recent corporate moves by Ripple have drawn attention across the cryptocurrency industry. The company made an ambitious $5 billion bid to acquire Circle, the issuer of USDC stablecoin, which has a market capitalization of $61.5 billion.
The acquisition would have dramatically increased Ripple’s presence in the stablecoin market, which it entered in 2024 with the launch of Ripple USD (RLUSD). Despite being relatively new, RLUSD has achieved a market capitalization of $316 million.
However, Circle rejected Ripple’s offer, choosing instead to focus on its plans to go public through an Initial Public Offering (IPO). The stablecoin company has already filed the necessary documentation in the United States.
This rejection follows Ripple’s successful acquisition of Hidden Road, a brokerage firm, for $1.25 billion on April 8. This purchase represents Ripple’s largest acquisition to date and highlights the company’s strategy to expand beyond the cryptocurrency industry into traditional financial sectors.
Hidden Road will use the RLUSD stablecoin as collateral across its prime brokerage products and move its post-trade activity to the XRP Ledger blockchain.
Market Analysis and Predictions
The positive sentiment in the broader crypto market since mid-April has been partly driven by easing trade tensions between the US and China. President Donald Trump suspended reciprocal tariffs for 90 days (except for China) on April 9, which helped improve market sentiment.
While current price action shows XRP hovering around $2.21, some analysts have much more bullish long-term projections. Market analyst EGRAG has identified a pattern on XRP’s monthly chart that suggests a potential major price move in May 2025.
The pattern involves the formation of six key monthly candles above the 21 EMA. According to EGRAG, XRP has already completed five of these candles following its 283% rise in November 2024. These include a 6.43% gain in December 2024, a 46% increase in January 2025, a 30% loss in February, a 2.56% drop in March, and a 4.84% rise in April 2025.
If this pattern plays out similarly to 2017, EGRAG predicts XRP could see a “mega monthly candle” in May 2025, potentially reaching $17. This would represent a 672% increase from the current price of $2.20.
#XRP – MACRO Channel ($17-$55) 💪:
We're currently in Candle number 5, and if history is any guide, we could be looking at a MEGA Monthly Candle! Following the same pattern, the target of $17 is definitely in play. 🔥
Now, let’s discuss the MACRO Channel breakout. The measured… pic.twitter.com/Qu7tYGG0fJ
— EGRAG CRYPTO (@egragcrypto) April 30, 2025
The analyst further suggests that breaking the upper boundary of the macro channel could trigger another upside move, potentially pushing XRP to $55.
XRP’s price action in the coming weeks will likely depend on broader market conditions, technical support levels, and developments within Ripple’s business strategy.
