XRP is edging to $1, currently trading around $0.73. The question is, is now the time to buy?
Several developments have attributed to XRP’s latest surge of more than 19% in just the past 24hrs alone.
Bitcoin’s surge is pulling the market, and Ripple XRP is no exception.
Short sellers recently lost a whopping $222m worth of Bitcoin after liquidating their positions as the crypto asset hit a new all-time high of $89,956.88.
XRP has maintained its strong upward trend, reaching a high of $0.7354, the highest point since March 14.
The token experienced a rally for four consecutive days, fueled by optimism in the cryptocurrency market.
At its peak, XRP was up more than 80% from its lowest price this year.
This surge came alongside a broader rally in the cryptocurrency sector, with the total market capitalization of all cryptocurrencies surpassing $3 trillion for the first time since 2021.
Ripple’s recent price increase is largely attributed to Donald Trump’s election, which may ease some of the legal challenges facing the network.
Trump has committed to replacing SEC Chair Gary Gensler with a more crypto-friendly regulator, which could lead to the withdrawal of the SEC’s appeal regarding a court ruling from October.
A resolution to Ripple’s legal issues with the SEC could facilitate growth for the network, allowing partnerships with banks and money transfer companies.
Additionally, a new SEC leadership may be more likely to approve spot XRP ETFs, possibly as early as the first half of next year.
XRP’s price increase has also been supported by hints from developers about an upcoming dirham stablecoin, following the launch of Ripple’s RLUSD stablecoin, which is backed 1:1 by the US dollar and regulated by U.S. authorities.
In terms of market activity, XRP’s futures open interest has exceeded $1 billion for the first time since September 30, reflecting rising demand.
Data from CoinCarp indicates that the number of XRP holders has steadily increased to over 4.8 million.
The daily chart reveals a strong recovery for XRP, as it retested its highest level since March 14.
As of now, it has surpassed the significant resistance level of $0.6655, which was its peak on September 29.
Importantly, XRP has formed a golden cross, with the 200-day and 50-day Exponential Moving Averages showing a bullish crossover.
The token also exhibits a bullish cup and handle pattern.
As a result, XRP’s price is expected to continue climbing, with bullish targets set at the key resistance level of $1, which represents approximately a 56% increase from its recent price levels.
However, this bullish outlook may change if the price falls below $0.60.
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Also Read: A Crypto Analyst Now Predicts XRP Will Flip Ethereum Soon
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