XRP now surpasses the $1 threshold for the first time since 2021, experiencing a significant surge of 26% with investors and analysts now looking ahead to see if this trend will continue.
XRP has finally crossed the $1 mark for the first time in nearly three years, following a sustained upward trend that has market participants eager to see what happens next.
Initially, XRP lagged behind in the current bull run that kicked off after Donald Trump’s recent election victory.
While Bitcoin quickly reached new all-time highs, XRP struggled to hold the $0.57 level, causing concern among investors about its potential missed opportunities in this rally.
However, this week marked a turning point for XRP, which broke through the $0.60 barrier and began to gain momentum.
After a slight dip of 1.94% on November 13, XRP resumed its upward trajectory, swiftly climbing past psychological price points of $0.70, $0.80, and $0.90 by November 14 and 15.
Today, XRP has surged by 14.72%, officially reaching the coveted $1 mark.
The last time it traded at this price was in December 2021, having fallen from a peak of $1.96 earlier that year.
Analysts believe that crossing the $1 threshold could set the stage for XRP to aim for its all-time high of $3.31.
Currently trading at $1.15, XRP needs to push towards the $1.20 region to solidify its position above $1.
However, with its Commodity Channel Index at 252.23, a slight pullback may occur before the bullish trend resumes.
If this happens, the immediate support level above $1 could be around $1.018.
Maintaining above this level is crucial to avoid dropping back below $1.
Should it falter, the Fibonacci 0.786 level at $0.9047 and the upper Bollinger Band support at $0.8854 would provide further support.
If bullish momentum continues, XRP’s next target could be the 1.618 Fibonacci level at $1.3457.
A breakthrough here might lead it to challenge the $1.87 mark at the Fibonacci 2.618 level, with a longer-term goal of reaching $2.4, which would require a 135% increase.
This recent rally has propelled XRP to a market cap of $59 billion, positioning it to surpass $60 billion soon, and it has overtaken Dogecoin (DOGE) to become the sixth-largest cryptocurrency with a 26.69% increase in the past 24 hours.
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Also Read:Â Analyst Predicts An XRP Surge If Cardano Reclaims Price
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