XRP Price Soars 10% as UAE Adopts XRP for Taxi Payments – Bulls Eye $2.70 in the Medium Term

Highlights:

• The price of XRP surges by 10% driven by strong market activity.
• UAE Adopts XRP for taxi payments.
• XRP breaks out of a falling wedge pattern, with strong support at $2.13.

As of 24 June 2025, XRP price has gained about 10% in a day, rallying to $2.20 mark. Its daily trading volume has notably soared 23% indicating intense market activity. The recent surge indicates the investors’ speculations about future activities like the expected release of 1 billion XRP that is supposed to be identified in the escrow on 1 July 2025.

💥 JUST IN: Ripple is set to unlock 1 billion $XRP from escrow on July 1, 2025.

This monthly release is part of Ripple’s long-standing schedule and could impact XRP’s short-term price action, depending on market sentiment and how much of the unlocked supply enters circulation.…

— God of Finance (@thegodoffinance) June 24, 2025

On the other hand, officials in the UAE recently made a huge announcement to the world stating that people can now settle a taxi fare with cryptocurrency. XRP is the single completely controlled cyberspace asset in the nation. This is a huge step towards crypto adoption, which indicates that digital currencies such as XRP are already part of our daily life.

🚨 Big news out of the UAE 🚨

You can now pay for taxis with crypto, and $XRP is the only fully regulated digital asset in the country. 🇦🇪💥

Crypto adoption isn’t the future, it’s already riding with you. pic.twitter.com/1HZGC1Mp0l

— John Squire (@TheCryptoSquire) June 24, 2025

XRP Price Breaks Out of a Falling Wedge Pattern

A quick look at the 4-hour chart shows a positive recovery, with XRP price breaking out of a falling wedge pattern. The bulls are showing intense strength, as they have established a strong support at $2.13 mark, aligning with the 50-day MA. The bullish outlook is set to continue, as Trump revealed the ceasefire between Iran and Israel, sparking a recovery in the crypto market. 

The RSI (Relative Strength Index) is at 63.59, indicating intense buying pressure in the XRP market. This is increasing positive momentum indicated by the rising value of the RSI, which passes above the mid-line. Moreover, there is still room for the upside before it is considered overbought.

Meanwhile, MACD (Moving Average Convergence Divergence) is also showing a prospective buy signal as the MACD line moves above the signal line. This is a standard sign of an increase in price movement. The XRP derivatives arena has recorded significant growth with an increase of 17.8% in the amount being traded, to $8.45 billion. XRP open interest has also increased by 6.65% to reach $3.77 billion. According to these data, XRP attracts the increasing interest of traders, which may spike further upside. 

The ratio of long/short on XRP is 1.01 and demonstrates a more favourable shift towards the long terminals in the market. This is a good sign of a bullish mood because traders will be going long on the price of XRP. The increase in the volumes of options by more than 270% indicates that traders anticipate great movement in the market. 

XRP Eyes $2.45 Mark and Above

A zoomed outlook from the above analysis shows increased bullish sentiment. Further, the recent stabilization of the Israel-Iran war could cause a recovery in the crypto market, including in the XRP price. Meanwhile, all factors point towards further upside. If the support zone holds, the XRP price could keep the upside movement towards $2.25, $2.30, and $2.35 resistance zones. In the medium term, the cross-border payment token could hit $2.45-$2.70.

On the downside, if the bearish sentiment kicks in, XRP price could revisit the $$2.17, $2.15, and $2.13 support zones. Only a breach below the $2.13 mark will invalidate the bullish grip, calling for further downside.