Recently, the price performance of Ripple (XRP) has been eye-catching. As of the end of July, the price of XRP was $3.27, with a slight increase of 0.88% within 24 hours. This week, XRP reached a high of $3.66, with a trading volume of 1.29 billion and a total trading amount of $4.17 billion.

The surge of XRP is mainly driven by two factors. First, the change in the position of the chair of the U.S. Securities and Exchange Commission ( SEC ) has sparked market expectations for an improved regulatory environment for cryptocurrencies, which may bring a turning point in the legal dispute between Ripple and the SEC. Secondly, Ripple has made significant progress in its global business expansion, including the acquisition of custodians, the approval to issue a new stablecoin RLUSD, and deepening cooperation with central banks and financial institutions around the world. These initiatives have boosted investor confidence and attracted more institutional funds.

From a technical perspective, XRP is currently facing a significant resistance level at $2.18, while $1.89 serves as a key support level. It's worth noting that a rare technical formation called "Continuation Composite Pivot" has appeared on the XRP weekly chart. If this formation is confirmed, the price of XRP is expected to rise by about 60%, reaching $4.47. However, if it falls below the support line of $1.80, this bullish formation may fail.

In the long term, the industry institution HashKey Group has made an optimistic prediction. They believe that if Ripple can successfully integrate with the payment systems of 100 global banks, the market capitalization of XRP could exceed 300 billion US dollars by 2026.

Despite the promising outlook, investors should proceed with caution and closely monitor market trends and changes in the regulatory environment. In a bull market, going with the trend may yield good returns, but one must also be vigilant about potential risks.