Highlights:
- XRP is on an exponential growth path as it rallies towards $1
- Analysts predict XRP could rally to $5
- Robinhood re-listing among factors reigniting excitement around XRP
XRP is one of the top gainers today when most cryptocurrencies are in a minor correction. At the time of press, XRP was up by 15% to trade at $0.819. XRP trading volumes are also rising by 86% in the day to 11.66%.
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Technical Analysis – XRP on an Exponential Growth Trajectory
XRP is on an exponential growth trajectory, trading in the overall direction of the broader market. If XRP continues the momentum it has built so far, the odds are high that it could test $1. This is a key psychological resistance level at the moment.
However, if there is a correction, the key level to watch would be $0.69 support. Of these two scenarios, the odds are higher that XRP could be headed for $1 in the short term. There are lots of market factors that support such a rally for XRP.
Rumors of Gary Gensler’s Resignation Sparks XRP Price Rally
One of the key factors driving up XRP is rumors that Gary Gensler will resign as SEC chairman. Gensler’s stance that all cryptocurrencies except for Bitcoin are securities has held back a lot of altcoins in recent times.
In the case of XRP, the challenges came in the form of a lawsuit back in 2020 that has dragged on for years. Gensler’s resignation might start new considerations about the SEC’s appeal policy, especially regarding the recent court ruling on XRP.
@GaryGensler might resign by end of day tomorrow. @MetaLawMan what say you. https://t.co/27KpvJimHE
— John E Deaton (@JohnEDeaton1) November 14, 2024
Analysts Making Lofty Predictions for XRP
The Market analyst, Crypto Ash has set the crypto community ablaze after he made predictions that seem unreal. He put XRP at the center of the action during the upcoming bullish run. According to his estimates, XRP may hit $5 in about six to twelve months.
This would outperform the $3.40 that it achieved in 2018. This prediction is quite big relative to the XRP’s current trading price of $0.6885. However, with a potential change of guard at the SEC and rising bullish sentiment across the market, it could be within reach.
Ash Crypto also has an interesting forecast for meme coins. He expects Dogecoin to trade at anywhere between $1 and $3. Such an optimistic outlook has raised excitement that the market is starting to look more like 2016, and this could be a big deal for XRP.
XRP Returns to Robinhood and Potential XRP ETFs
XRP’s listing on Robinhood is a great value for the coin as it reinvigorates demand. This development comes at a time when XRP’s ecosystem is regaining momentum thanks to news about the SEC.
We’re excited too https://t.co/Vrz561if5Q
— Robinhood (@RobinhoodApp) November 15, 2024
Within the XRP community, there is noticeable enthusiasm concerning the time frame in which the XRP ETF can get approved. There is also growing excitement about the possibility of the XRP-centered stablecoins being introduced. In this regard, some experts predict that the increasing relevance of XRP in international liquidity transactions and the penetration of the said liquidity by institutions may trigger an XRP price rally.
There is further cause to hope given Ripple’s continued progress in regulatory matters such as approval processes for the Ripple US Dollar (RLUSD). This may enhance the competitive edge of XRP against top stablecoins like USDC.
Recap
As retail investors continue to increase their involvement through user-friendly applications like Robinhood, the relisting of XRP could trigger a surge in demand. This gives XRP a pretty good chance of a price rally as the broader market rises. In the very short term, XRP could be headed for $1. However, if things align right especially with regards to the SEC, XRP could be headed for much higher prices. Ash Crypto’s prediction of $5 could easily become a reality.
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