Moon soon? XRP's strongest spot premium aligns with 70% rally setup
XRP is currently experiencing its strongest sustained spot premium, with the spot market trading higher than perpetual futures. The price has rallied approximately 350% since late November 2024, driven by real demand, as indicated by a rise in XRP addresses holding at least 10,000 XRP. The whale count has also increased despite a 35% price pullback earlier in the year, suggesting strategic accumulation by larger investors. Optimism in the market is bolstered by improving chances of spot XRP ETF approval and the SEC's decision to drop its lawsuit against Ripple. XRP is consolidating within a falling wedge pattern, with a breakout above $2.52 potentially leading to a 70% rally toward $3.78 by June. If it fails to break this resistance, a pullback to around $1.81 may occur, but a breakout from that level could still target around $3 by mid-year.
