As a seasoned crypto investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself intrigued by the recent surge of XRP. Having been through the 2017 bull run and subsequent bear market, I’ve learned to read between the lines in crypto price movements.
100eyes Crypto Scanner indicates that the value of XRP, a digital currency connected to Ripple, is moving towards a horizontal barrier around the $1.6 mark.
The XRP token has surged by 6% over the past 24 hours, outperforming every cryptocurrency in the top 10. For instance, Bitcoin is only up a mere 0.4%. It seems like many were recommending the leading cryptocurrency at the Thanksgiving table.
XRP is up by a whopping 207% this November so far, with just two days left to wrap up the month.
If the token manages to hold onto its gains, it will log its best-performing month since December 2017.
The Ripple-linked token is now fast approaching the $100 billion club, with its market cap.
Back in 2018, XRP momentarily moved ahead of Ethereum (ETH), securing the position as the second-largest digital currency based on market cap. As of now, it ranks fifth, with Binance Coin (BNB) and Solana (SOL) holding higher positions.
Passing the previously mentioned barrier could set the stage for a more powerful advance in the original altcoin. The token may gradually approach the $2 value.
The surge in prices occurred concurrently with the escalating chatter about an XRP ETF in the U.S., with WisdomTree being the most recent applicant. It appears more and more probable that this kind of product will eventually receive approval at some point.
It was recently highlighted that the departure of the current SEC Chair, who has been critical of cryptocurrency, could be a significant positive factor for the crypto market. The most likely contender to take over from him is former SEC Commissioner Paul Atkins.
The token also recently became available for Robinhood US users alongside other tokens.
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2024-11-29 09:41