XRP Price Surges Past $3. These 3 Factors are Turbocharging the Crypto. — Barrons.com

By Elsa OhlenXRP's price rallied Thursday, helped by a raft of factors that appeared to please crypto investors.Shortly before the stock market opened in New York, the popular altcoin, used for transactions on Ripple's payments platform, was up 16% over the past 24 hours at $3.36, according to CoinDesk data.Crypto bulls are intrigued by the potential for a so-called Fibonacci extension pattern — a way traders estimate how far it can rise following a pullback — eyeing an XRP price of $4.40, FxPro analyst Alex Kuptsikevich said. Meanwhile, long-term holders may want to lock in profits after a tenfold increase in two years."This is an area of historical highs where you should prepare for increased volatility," he said.Several developments influenced the price of cryptos Wednesday. First, the latest U.S. core inflation reading declined, increasing expectations that the Federal Reserve will cut interest rates this year. Lower rates typically benefit cryptocurrencies.Crypto experts also expect several new spot ETFs, as Barron's reported Wednesday. These ETFs would own actual crypto, instead of crypto futures.Lastly, the Securities and Exchange Commission's legal case against Ripple was the focus of positive speculation regarding the platform and XRP.The SEC sued Ripple back in 2020. A court found Ripple had broken investor-protection laws and ordered the company to pay a fine of $125 million — far less than the $2 billion sought by the SEC. Ripple CEO Brad Garlinghouse had called the ruling a "victory."The regulator appealed that decision in October last year and faced a deadline to file its opening brief in the appeal on Wednesday."The SEC's appeal brief is a rehash of already failed arguments," Ripple's Chief Legal Officer Stuart Alderoty wrote in a post on X late Wednesday. "We'll respond formally in due time."A SEC spokesperson declined to comment beyond its public filings on the matter.Among other digital coins, Bitcoin was rising 2.3% while ether is up 4.3% over the last 24 hours, according to CoinDesk. Solana and Dogecoin also rose.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.