This move could trigger XRP’s aggressive rally past $1

XRP is grappling with bearish sentiments as the cryptocurrency struggles to sustain a potential upswing towards the $1 mark. This correction has occurred even as Ripple secured multiple victories in its legal battles with the US Securities and Exchange Commission (SEC).

Despite prevailing market conditions, some analysts assert that XRP is poised for a rebound, aiming to reach the $1 mark. Notably, in a post dated November 17 on X (formerly Twitter), crypto analyst Cryptoinsightuk highlighted XRP’s potential for an aggressive price trajectory, citing chart movements and setting the next target between $0.89 and $1.35.

The analysis highlighted a noteworthy development in the XRP market, with more than $100 million in open interest (OI) added during a marked spike. Notably, the surge in open interest coincided with reports surrounding a fake BlackRock (NYSE: BLK) XRP Exchange-Traded Fund (ETF) filing, sparking a swift price spike that corrected later. 

emphasized the importance of breaking above the descending trendline, indicating that such a move could trigger an aggressive upward momentum for XRP. According to the analyst, this would prompt those with short positions to cover or close them, forcing them to buy XRP and potentially triggering a cascade of stop-loss orders, further propelling the digital asset’s value.