XRP's price surged 13% in the past 24 hours, reaching $0.6136.

Speculation of a potential settlement between Ripple and US regulators is driving the increase.

XRP broke above the $0.550 resistance level and is trading above the 100-hourly Simple Moving Average.

A bullish trend line is forming with support at $0.5620 on the hourly chart of the XRP/USD pair.

XRP experienced a significant value increase, trading at $0.6360 with a 10.29% gain, the largest since July 13.

XRP's market cap rose to $35.3353B, making up 1.50% of the total cryptocurrency market cap.

In the past week, XRP rose by 44.2%.

Analysts, including The Great Mattsby, are optimistic about a potential breakout, noting XRP's Bollinger Bands are at their tightest ever.

Mattsby forecasts a potential price target of $250 by 2028 despite XRP being 84% below its all-time high.

If key levels are breached, the price could extend gains above $0.5850 and $0.600.

Technical indicators show bullish momentum, with the MACD gaining pace in the bullish zone and the RSI above 50.

XRP remains 80.67% down from its all-time high of $3.29 in 2018.