Originally published on: November 15, 2024
XRP experienced an impressive 17% jump in the past 24 hours, surpassing the rest of the crypto market as excitement around the rally continues to build.
According to data from Cointelegraph Markets Pro and TradingView, XRP soared from $0.6833 to a 16-month high of $0.8479, a massive 24% increase.
In contrast, the total crypto market capitalization saw a 2.8% decline to $2.91, with Bitcoin dropping 4% and Ether down 6% during the same period.
Several factors seem to be driving XRP’s bullish momentum. The surge coincided with an announcement that 18 US states had filed a lawsuit against the Securities and Exchange Commission and its commissioners, including Chair Gary Gensler, citing “unconstitutional overreach” in the crypto industry.
Speculation is also rife within the crypto community that a crypto-friendly regulatory environment under the new US administration could benefit tokens like XRP, propelling their value higher.
Market experts are optimistic about XRP’s future momentum, with some setting double-digit price targets for the token. Independent analysts predict significant growth potential for XRP, with one foreseeing a price target of $11, representing a 40x increase from its recent low.
Technical analysis indicates that XRP has broken key resistance levels and possesses strong support, with indicators pointing to a bullish trend in the near term.
It’s essential for investors to conduct their own research and exercise caution before making any investment decisions in the volatile crypto market.
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