Highlights:
- XRP price surpasses $1, marking a bullish resurgence driven by market optimism and potential changes in regulations.
- The speculation over shifts in SEC leadership gained XRP momentum causing Ripple’s market cap to jump to $60 billion.
- Analysts forecast XRP’s price could reach $4.80 by 2024 and potentially $23 by January 2025.
Ripple’s XRP has climbed above $1, a level not seen since November 2021. This impressive upturn reflects a renewed optimism in the cryptocurrency market going forward. XRP has broken a nearly three-year high as a result of the ongoing bullish market sentiment.
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XRP Price Breaks $1 Barrier After Almost 3 Years
The current bull run began nearly two weeks ago, following Donald Trump’s victory in the U.S. presidential election. While Bitcoin quickly reached new all-time highs after the election, XRP lagged behind. The token struggled to stay above $0.55, causing concern among investors. Some feared that XRP might miss out on the bull market entirely, triggering panic in the community.
However, XRP started gaining momentum this week. It broke through the $0.60 level, leading to more substantial gains. Despite a mild market pullback in the middle of the week, XRP continued its ascent. On November 14 and 15, it surpassed key psychological levels at $0.70, $0.80, and $0.90. Today, XRP spiked 29%, officially reaching the $1 mark.
XRP’s rally has boosted its market capitalization to $60 billion. With an impressive 80% increase over the past 24 hours. As of press time XRP is exchanging hands at $1.15 and has overtaken Dogecoin to become the sixth-largest cryptocurrency.
What Could be Fueling XRP’s Price Surge?
XRP’s price surge has come amidst the speculations that SEC Chair Gary Gensler might resign. Gensler’s potential departure has renewed optimism among XRP investors. The ongoing legal battle between Ripple and the SEC adds complexity to the situation.
Gary Gensler hinted at resignation during a recent speech, stating, “It’s been a great honor to serve with them, doing the people’s work.” This comment sparked rumors about his future at the SEC. As a result, XRP price gained momentum.
Moreover, Ripple CEO Brad Garlinghouse expressed optimism after Donald Trump’s election victory. Hinting at meeting Trump, he declared the USA “finally has a crypto president.” Trump’s vow to replace the SEC chair pleases many in the crypto community. Garlinghouse believes this change could benefit Ripple and XRP.
🚨BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!
Donald Trump had a meeting with Ripple. 👀
💥 #XRP WILL MELT FACES 💥 pic.twitter.com/qp6CMbRTdY
— JackTheRippler ©️ (@RippleXrpie) November 15, 2024
Furthermore, Bitwise plans to convert its Crypto Index Fund into an ETF, including XRP exposure. Garlinghouse commented on this news via social media, further fueling enthusiasm. These developments have combined to push XRP price upward. Investors are now anticipating a potential bull run for XRP.
XRP, BTC, ETH, SOL — that's the alphabet soup I like to see 👀 https://t.co/yttjIpwfLX
— Brad Garlinghouse (@bgarlinghouse) November 15, 2024
How High Could XRP Go?
According to XRP price analyst CryptoGeek, the XRP price has broken the significant symmetrical triangle pattern. The move follows a recent market rally and echoes the breakout of this market in 2017.
#XRP has surged out of a massive symmetrical triangle pattern, mirroring its 2017 breakout.
Based on monthly closures from 2017, projections suggest #XRP could reach $1.96 by month’s end, climb to $4.80 by the end of 2024, and hit $23 by January 2025. pic.twitter.com/KYd4hPzZeX
— CryptoGeek (@CryptoGeekNews) November 16, 2024
According to monthly closures from that year, XRP could be at $1.96 by month’s end. Additionally, it may reach $4.80 by the end of 2024 and up to $23 in January of 2025. These projections show a huge bullish momentum that could attract investor attention to a bullish movement for XRP price.
The increase in XRP price above $1 is based on fresh investor confidence led by market optimism, crypto regulatory enthusiasm and industry strategic moves. Additionally, analysts believe this bullish momentum could continue, forecasting XRP price to reach $23 by Jan of 2025, a massive potential growth.
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