XRP Joins $100 Billion Club, What Next?

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I must admit that the current bull run has been nothing short of exhilarating, especially when it comes to XRP. The sheer magnitude of its growth this month alone is reminiscent of the wild west days of Bitcoin’s early years.

In recent times, the persistent bull market surge has brought more advantages to XRP than many competing altcoins. At present, its price has escalated by approximately 15.63% within the last day, reaching $1.882. This surge in value has propelled its total market capitalization beyond the $100 billion mark. To be precise, XRP now occupies the fifth position among digital currencies, boasting a market cap of $107.27 billion.

XRP price to $2?

Starting approximately three weeks ago, after hitting an all-time low of $0.3911, the price of XRP surged dramatically, reaching a peak of $1.94. This significant upward trend began when the coin broke through its previous resistance level at $0.6. Ever since then, it has been on an upward trajectory, marking its highest high since 2018.

The key on-chain technical signals suggest that the XRP price might be inflated, as the Relative Strength Index (RSI) stands at a high of 90.

Although this suggests a possible reversal due to overbought status, it’s important to note that the XRP market is excessively hyped. The massive surge in trading volume by 130%, reaching $18.86 billion, underscores relentless buying activity within the market.

Based on current market trends, leading analysts predict that XRP could reach a peak of $2. This is due to the fact that XRP has become independent from the price fluctuations of Bitcoin, indicating a potential short-term breakthrough at this level given its rapid growth rate, which surpasses that of Bitcoin.

Beating historical trends

In November, XRP’s price experienced an enormous surge. As of now, it ranks second in terms of the highest percentage increase in price since 2013, with a total rally amounting to 270%. However, November 2013 still holds the record for the highest growth rate at 531%.

As a crypto investor, the potential impact of Gary Gensler’s resignation from the U.S. Securities and Exchange Commission (SEC) on XRP was intriguing to me. With his departure, there’s hope that the ongoing legal battle surrounding XRP might finally reach a resolution.

Ripple Labs is working on increasing the versatility of XRP by creating the XRP Ledger (XRPL) as well.

Moreover, the excitement surrounding the possible debut of the RLUSD stablecoin is adding significant buzz to XRP, bolstering its development.

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2024-11-30 14:35