XRP Price Skyrockets 17% Amid Crypto-Friendly Outlook: What’s Fueling the Rally?
XRP has also rallied quite sharply, surpassing broader crypto market growth. In an impressive 17% rally, XRP’s price ascended to new highs as traders anticipated a more crypto-friendly regulatory environment under a possible Trump administration.
Rally with a 17% Rally, XRP Hits 16 Months High.
At $1.18 apiece, XRP, which has enjoyed an impressive 17 percent surge in the last 24 hours, has taken advantage of recent gains. From a low of $0.6833 on November 14, the coin almost reached a 16-month peak of $0.8479. However, the broader crypto market is lagging with a 2.8 percent daily drop in total market cap, which currently sits at $2.91 trillion. During the same period, Bitcoin (BTC) slid 4% lower, while Ethereum (ETH) plummeted by 6%.
Why is XRP Being Bullish?
- XRP Shifted US Regulatory Landscape
The recent rally of XRP can largely be attributed to a huge change in the regulatory environment for cryptocurrencies, especially in the US. As of November 15, XRP traded at $0.7955, up 50% over the last week and the highest since June 2023.
When 18 US states filed a big lawsuit against the Securities and Exchange Commission (SEC) for overstepping its authority to regulate the crypto space, XRP’s value surged. Nebraska, Texas, and Ohio are among the states challenging the SEC’s actions, including its method of treating cryptocurrencies as securities. The crypto community is collectively watching this legal battle in hopes it will push for fairer and clearer regulations for tokens like XRP.
Plus, speculations have been strong that a crypto-friendly setting under a possible Trump administration could prove advantageous for US-based crypto companies like Ripple Labs, the XRP creator. This optimism is facilitating XRP’s bullish outlook.
- XRP is Showing Confidence With An Increasing Open Interest.
With the XRP price rise, open interest (OI), a crucial measurement of market sentiment, is also on a historic spike. As per CoinGlass data, XRP’s OI rose to $1.3 billion on November 15 – a 20 percent increase from the previous day. A high open interest signals strong market confidence, so investors think that the current upward trend looks good. - The Potential of XRP to End Multiyear Downtrend
Coin metrics indicate crypto analysts are still optimistic about XRP’s possibility of sustaining recovery. XRP’s current momentum has brought out a few traders who think that it could be the beginning of a multiyear uptrend. With clearer regulatory guidelines, independent analyst Egrag Crypto predicts that XRP can increase by up to 40X to $11.
Another analyst, Mikybull Crypto, points out that XRP has broken above a crucial three-year descending trendline, with key resistance levels at $0.85 and $1.10, meaning there might be a ‘massive rally’ underway.
- The Key Technical Indicators of this Cryptocurrency are in favor of the Bullish Trend.
XRP also has bullish bright prospects backed by technical analysis. With that move, XRP has managed to flip major resistance levels into support, including the 100-week and 50–week Simple Moving Averages (SMAs) at $0.5278 and $0.5573, respectively. As a result, it implies further buying pressure could push XRP onto the $1 mark in the short term.
In addition, the Moving Average Convergence Divergence indicator (MACD) has delivered a bullish signal as the MACD line crossed above the signal line in mid-November. Thus, the trend of XRP follows the arguments of ever waxing in favor of continued rise.
What’s Next for XRP?
With the gains XRP is building on, all eyes will be on where the regulatory environment is headed and whether the sentiment is moving in a positive direction. If the positive momentum that XRP is enjoying continues, it may have huge price targets in the future, and analysts believe the cryptos could experience huge gains that could reshape the crypto industry.
Many will be watching closely to see whether XRP will be able to keep its position above critical support levels, and most are tipping XRP to be on the cusp of a major breakout. Will XRP continue its climb? The future certainly looks bright for this resilient cryptocurrency, but only time will tell.
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