Highlights:
- XRP is trading in a bullish channel with strong support at $1.364 intra-day
- XRP could rally to $2 if the current momentum continues
- Regulatory clarity could see XRP hit new highs in the short term
XRP is one of the standout altcoins in a week that Bitcoin has mostly dominated. In the last 24 hours, it has rallied by 24.48% bringing its total weekly gains to 72%. At the time of going to press, XRP was trading at $1.40. Volumes are also rising by 150% to stand at $17.48 billion in the week. XRP’s price rally has seen many predictions come up, reminiscent of what happened in 2017 when there was a lot of excitement around XRP.
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Analysts Getting Bullish on XRP
According to a market analyst Armando Pantoja, there is a high likelihood of XRP rallying to anywhere between $8 and $30. This would be a big jump for XRP considering that it is still trading at around a dollar. According to Pantoja, a key trigger for this move will be the resignation of Gary Gensler.
Gary Gensler to Exit – A Boost for XRP
On November 21, SEC Chairman Gary Gensler announced that he would resign as the head of the SEC. According to the SEC, Gensler will exit office on January 20, 2024, on the same day that Donald Trump will be sworn into office. His resignation is not only a win for XRP but also for the hundreds of cryptocurrency projects that have faced enforcement action from the SEC.
For XRP in particular, investors expect his resignation to remove the weight of the case that has held back the price of XRP since 2020. As such, money could continue going into XRP and could see it retest its 2017 all-time high, and likely head to new price highs as bullish sentiment takes root across the cryptocurrency market.
Hope for XRP ETFs Rise
Now that a pro-crypto administration is coming into office, many expectations around XRP could further add to the price momentum. One of them is the potential for XRP ETFs. Such ETFs would open the way for institutional money to flow into XRP and potentially put it on course to making new highs.
Projects awaiting ETF approval beyond Bitcoin and Ether include:
•XRP ETF: Canary Capital, Bitwise, and 21Shares have submitted applications.
•Solana ETF: Canary Capital, 21Shares, and VanEck are seeking approval.
•Litecoin ETF: Only Canary Capital has applied.
•HBAR ETF:… pic.twitter.com/ZSW4WPQLim— Coin Borsa X (@CoinBorsaX) November 18, 2024
Expected Adoption in Cross-Border Payments
XRP could also see more adoption in the cross-border payments market. Even with the SEC lawsuit hanging over Ripple, XRP continued to see growth in adoption by banks. This was especially true in Asia where, for a while now, banks have been testing XRP in cross-border payments.
Now that the regulatory cloud is coming to an end, XRP could see a scenario where there is a mass adoption in rapid bank transfers even in the US. Such adoption could trigger a surge in demand that would easily see the XRP price rally to triple digits. It could likely bring logic to the XRP price of $500, or higher, which was often taunted before the lawsuit hit.
🚨 🚨 🚨 🚨 🚨
RIPPLE HAS ASSIGNED BANK IDs TO OVER 500 BANKS! 🏦
AND PEOPLE STILL BELIEVE #XRP WON‘T BE USED…#XRP #RLUSD #XRPETF 💎 💎 💎 💎 💎 💎 💎 💎 💎 💎 pic.twitter.com/8FL1ytYaie
— Kenny Nguyen (@mrnguyen007) November 20, 2024
Long-Term Charts Point to a New Dawn for XRP
Long-term charts also point to a reawakening of XRP, a factor that could trigger FOMO as the broader market turns bullish. The MACD on the monthly charts points to a bullish crossover for XRP. Similarly, the 200-day moving average is offering strong support for XRP, making any major correction unlikely at this point. That’s especially so, with Bitcoin now getting closer to the $100k level for the first time in its history.
Technical Analysis – XRP Making Higher Lows on Hourly Timeframes
Looking at the shorter timeframes, XRP is making higher lows in a bullish channel. This is an indicator that every dip XRP is making is being quickly bought up.
If the current momentum continues, XRP could soon rally to a high of $2 in the short term. That’s because there is no major resistance between the current price of $1.38 and the $2 price level.
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