Highlights:
- XRP surges by 13%, nearing $2 due to positive market sentiment and developments.
- Since November 4, positive news and market optimism have driven XRP’s rise.
- XRP’s market cap exceeded $100 billion, securing its position as the fifth-largest crypto.
XRP, the fifth-largest crypto by market cap, saw a significant surge in activity over the past 24 hours. At the time of writing, trading volume was up by 105.95%, with XRP trading at $1.87, reflecting a 12.63% gain. XRP’s impressive rally brought it near the $2 mark, a milestone last reached during its 2018 bull run. Trading volumes surged on major exchanges as traders participated in the rally.
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XRP Price Boosted by Market Optimism and Key Developments
Since November 4, the price of XRP has experienced a significant rise from a low of $0.50 due to positive regulatory news and market optimism. A key catalyst is set for January 20, when SEC Chair Gary Gensler steps down.
This could pave the way for the approval of more crypto-based Exchange-traded funds (ETFs). It may also lead to more favourable cryptocurrency regulations. In 2020, the SEC accused Ripple Labs and its executives of raising $1.3 billion through unregistered securities sales. Now, XRP hopes the new administration will lead to the dismissal of the lawsuit.
Moreover, Ripple Labs is expected to receive approval from the New York Department of Financial Services (NYDFS) for its dollar-backed stablecoin, RLUSD, according to a report from Business. If approved, the company will launch it on December 4, which could trigger XRP’s price.
🚨BREAKING: RIPPLE TO HAVE FINAL GREEN LIGHT FROM THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES TO FORMALLY LAUNCH #RLUSD!
A STABLECOIN BUILT ON THE #XRP LEDGER THAT WILL BURN XRP WITH EACH TRANSACTION! pic.twitter.com/uLkfxsGrg3
— CryptoGeek (@CryptoGeekNews) November 29, 2024
XRP Reaches $100 Billion Market Cap for First Time Since 2018
On Friday, XRP’s market capitalization exceeded $100 billion. This marked its highest level since January 2018. XRP also surpassed BNB to become the fifth-largest cryptocurrency by market value, according to CoinMarketCap. The asset now ranks behind Bitcoin, Ethereum, Tether, and Solana. Solana’s market cap is approximately $114 billion, while XRP’s stands at $107 billion.
🚨 $XRP flipped $BNB to become the 5th largest cryptocurrency by market cap. pic.twitter.com/lj7272qhfI
— CoinGecko (@coingecko) November 29, 2024
Coinglass data reveals that XRP derivatives traders on Binance and OKX are bullish on the altcoin. With the long/short ratio crossing 1 on major exchanges, a rally in the spot market seems likely. On November 29, XRP futures open interest surpassed $2.41 billion. This increase signals growing demand for the token and its rising relevance among market participants.
XRP Price Rally: Third Wave Momentum Targets $2.00 and Beyond
The rally started when XRP broke the $1.00 mark, signaling the first wave. It then consolidated around $1.30, forming the second wave. With increasing trading volume and strong momentum, XRP appears to be in its third wave.
XRP is gaining momentum and trading volume, likely entering its third wave. The next key resistance level is $1.90. If XRP breaks through this, it could reach $2.00, a crucial psychological level, and approach its all-time high of $3.12. The rally is expected to continue, with a long-term target between $3.00 and $5.00, depending on market conditions. However, a decline below $1.30 could disrupt the wave structure and indicate a weakening trend. Currently, XRP’s momentum is strong, with strong support holding around the $1.30 level.
$XRP wave count update 🌊
called the wave 2 low at 0.38 in July perfectly ✅
posted what i believe the wave 3 could roughly look like and now it’s playing out ✅
as of where we are now, i believe we just finished the wave 3 of 3 and are in our wave 4 of 3, which is just this… https://t.co/PugOxJrBQc pic.twitter.com/vi4HHT2tma
— Charting Guy (@ChartingGuy) November 27, 2024
Analyst Ali Martinez also predicts a bullish outlook for Ripple’s XRP. He set a target price of $2, reflecting strong confidence in XRP’s growth potential in the cryptocurrency market.
The target for #Ripple $XRP remains $2! https://t.co/wVRIrLNvYY pic.twitter.com/YUWZwHmOY9
— Ali (@ali_charts) November 29, 2024
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