XRP’s price has risen from $1.59 to $1.94 in the last 24 hours, a level not seen since April 2021.
XRP’s market cap surpassed $100 billion, flipping Binance’s BNB to the 5th spot in crypto rankings.
On the last day of the November bull run, Ripple’s native cryptocurrency, XRP, showed incredible performance by reaching a level not seen since April 14th, 2021 ($1.96).
Over the past 24 hours, XRP’s price has jumped by more than 19%, reaching an intraday high of $1.94, up from a low of $1.59. The impressive rally has propelled XRP’s market cap to an astounding $109 billion, leading it to surpass Binance’s BNB to secure the 5th spot in the crypto rankings. Additionally, the daily trading volume of XRP surged by about 146%, reaching $18.38 billion.
The sudden XRP price rise comes amid speculation surrounding Ripple’s upcoming RLUSD stablecoin, with rumors suggesting that the New York Department of Financial Services (NYDFS) could approve the project by December. The news sparked excitement among investors, sending XRP closer to the $2 zone. The surge is also fueled by growing expectations for an XRP Exchange-Traded Fund (ETF), which analysts predict could receive regulatory approval by 2025.
XRP Bulls Eye $2 with Strong Momentum
According to 24-hours technical analysis using Elliott Wave Theory, XRP appears to be in its third wave of a bullish rally, a phase often seen as the most significant in an upward trend. After consolidating around $1.60, XRP has gained significant momentum, setting its sights on the crucial resistance level of $1.95. A breakout above this level could push XRP towards the $2 range, which many view as both a psychological and historical barrier.
At the time of writing, XRP is trading at $1.92, up approximately 115% from its 200-day SMA, signaling a strong bullish trend. On the 4-hours XRP/USDT trading pair, the CMF indicator, showing a positive value of 0.22, further supports the narrative of strong buying pressure and investor confidence.
On the other hand, an RSI of 83, signaling strong bullish momentum but also indicating overbought conditions. XRP’s next support level is around $1.75. If the price pulls back from its current resistance at $1.90, this support level could act as a cushion for potential downward movement. A break below this level could open the door for further consolidation or a move toward lower support levels around $1.60.
However, with the momentum still strong, XRP’s potential to reach the $2-$5 range in the coming months has become a widely discussed prospect. As XRP continues its upward trend, all eyes will be on the next key resistance levels and the potential launch of Ripple’s RLUSD stablecoin.
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