As a seasoned crypto investor who has weathered countless market swings since the early days of Bitcoin, I must admit that the recent surge in XRP has caught my attention. After years of stagnation and uncertainty, it’s refreshing to see XRP breaking free from its three-year slumber.
On Friday, XRP saw a significant rise of more than 20%, outdoing top digital currencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This upward trend has boosted XRP to claim the fifth position among cryptocurrencies by market capitalization, surpassing $107 billion.
From my observations as a researcher, I’ve noticed that at this moment, the value of XRP stands at approximately $1.87 based on the most recent trading data. This figure represents an astounding 99% surge over just the past fortnight. This exceptional growth has propelled XRP to surpass Binance Coin (BNB) in terms of market capitalization, suggesting a renewed wave of investor enthusiasm towards XRP.
XRP Breaks Free From Three-Year Stagnation
In simpler terms, the latest surge indicates a notable reversal for XRP that had maintained a relatively stable range of around $0.30 to $0.60 for close to three years.
The prolonged lack of progress in this sector can primarily be linked back to the conclusion of the 2021 cryptocurrency market surge and the continuous court case between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
The SEC’s labeling of XRP as an “unregistered security” has led to considerable doubt among investors, especially those based in the U.S., causing a significant effect on the token’s market value.
In light of recent political advancements in the U.S., there’s been an increased optimism amongst cryptocurrency investors.
After Donald Trump’s win on November 5, which included him outperforming current Vice President Kamala Harris, the cryptocurrency market experienced a substantial rebound. Notably, Bitcoin hit a brand-new peak of $99,540, driving this comeback.
Trump’s pledges to restructure regulatory systems, such as firing SEC Chair Gary Gensler on his inauguration day, continue to boost enthusiasm.
Gensler is set to leave the agency on January 20, which happens to be the same day as the presidential inauguration. This departure could signal a potential resolution to the ongoing court case between Ripple and the Securities and Exchange Commission.
This proposed solution might open up opportunities for enhanced investments in XRP, potentially leading to the debut of fresh investment options like ETFs that specifically focus on the XRP token. Multiple asset managers have reportedly submitted applications for these funds.
New Price Targets And Support Levels
According to the perspective of technical analysis, the well-known crypto analyst, DarkDefender, points out that the price of XRP has managed to surpass a significant barrier or limit at around $1.44.
Following a surge in value for the fifth-largest cryptocurrency on the market, DarkDefender has proposed fresh price goals for XRP. These objectives include potential highs of $3.4176 and $11.3233. Additionally, the analyst revisited past targets at $5.85 and $18.22. Moreover, they identified potential support levels at $1.44, $1.28, $1.14, and $1.03.
On the 4-hour chart, there’s a fresh market pattern emerging for XRP. It seems we might reach approximately $2.13 before any possible pullbacks occur. Within this timeframe, potential resistance levels have been spotted at $4.11 and $6.42, which align with our ultimate goal of reaching around $5.85 post the expected surge above $1.88.
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2024-12-01 10:16