As a seasoned crypto investor with a knack for spotting market trends and a portfolio that’s seen its fair share of ups and downs, I must admit, the recent surge of XRP has caught my attention. Having been around during the last time it touched $1 in 2021, I can’t help but feel a sense of déjà vu.
As a researcher, I found myself delighted on Saturday as XRP soared beyond the $1 threshold, reaching a three-year peak. Notably, this surge propelled XRP past Dogecoin (DOGE), allowing it to claim the coveted sixth position in the cryptocurrency rankings by market capitalization.
The value of XRP has experienced a significant increase, climbing more than 85% during the past week. This impressive rise brought it up to $1.268 during Saturday’s trading, which is the same level as November 11, 2021. Favorable regulatory decisions and increased activity from large investors seem to be driving this sharp increase in XRP’s price.
The SEC’s legal battle with Ripple has had a huge impact on the cryptocurrency. However, recent events indicate that a more favorable regulatory climate may be on the horizon. A lawsuit launched on Thursday by a coalition of state attorneys general and the DeFi Education Fund against the SEC questions the regulator’s authority over digital assets.
Based on Santiment’s analysis, it appears that the surge in XRP’s price is mainly driven by significant investors (whales and sharks) who hold between one million to one hundred million tokens. In just the last seven days, these investors have collectively purchased an additional 453.3 million XRP, equivalent to approximately $526.3 million in current market value.
Simultaneously, the majority of the coins accumulated come from retail traders trying to offload their assets during any small surge in XRP’s price. In this period, wallets holding less than a million XRP have sold approximately 75.7 million tokens worth around $87.9 million.
Historically, a cryptocurrency tends to see positive market capitalization growth when its major supporters boost their ownership and show increased confidence in it, according to Santiment. At present, this appears to be happening with XRP.
XRP flips Dogecoin
XRP’s rise has lifted its price above $1 and increased its market capitalization to $60.39 billion.
The rise in XRP’s price has propelled it to the sixth position on the market capitalization chart, displacing Dogecoin, currently valued at approximately $53.29 billion, to seventh place. Crossing the psychologically significant $1 mark for XRP is being interpreted as a powerful indicator of bullish sentiment.
If the positive trend continues and the price surpasses $1.27 significantly, XRP could encounter resistance at approximately $1.50 and $2. Yet, it’s important to note that a potential pullback may occur if there’s significant selling activity.
If XRP price falls, support is expected to be at $1 in the intermediate term.
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2024-11-17 13:13