Originally published on: November 15, 2024
XRP made waves in the crypto market by skyrocketing 17% in just 24 hours — leaving other digital currencies in its wake. As the rally gains momentum, let’s dive into what’s driving XRP’s bullish surge.
According to data from Cointelegraph Markets Pro and TradingView, XRP climbed from a low of $0.6833 to hit a 16-month high of $0.8479 on Nov. 14, showcasing its strength amidst a slightly bearish market sentiment.
While Bitcoin and Ether experienced slight declines of 4% and 6% respectively, the total crypto market capitalization fell by 2.8% to $2.91 billion at the time of reporting.
What fueled XRP’s impressive performance? Traders attribute the rally to a lawsuit filed by 18 US states against the Securities and Exchange Commission (SEC) and Chairman Gary Gensler. The lawsuit, which accuses the SEC of overreach in the crypto industry, injects bullish optimism into the XRP ecosystem.
Moreover, speculations of a crypto-friendly environment under the Biden administration could boost the value of US-based tokens like Ripple Labs’ XRP in the long run. This environment could be advantageous for companies like Ripple Labs and Uniswap, enhancing their market value.
XRP’s open interest also witnessed a notable surge, reaching $1.3 billion on Nov. 15. This spike indicates strong market sentiment and investor confidence, suggesting that the current uptrend is likely to continue.
Analysts forecast a sustained recovery for XRP, with predictions of double-digit price targets in the horizon. Egrag Cryptobelieves that regulatory clarity could propel XRP to $11, marking a 40x increase from its cycle low.
Technical analysis shows XRP breaking a three-year descending trendline, with key resistance levels at $0.85 and $1.10 to monitor closely. The moving average convergence divergence (MACD) indicator also signals a bullish trend, further supporting the case for XRP’s upward trajectory.
As XRP surpasses crucial support levels and gains momentum, hitting $1 seems like a feasible short-term target for bullish investors.
Remember, this article does not serve as investment advice. It’s essential to conduct thorough research and analysis before making any financial decisions in the volatile crypto market.
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