XRP surged by 101% in seven days, trading at $1.17, driven by Bitcoin's rally and strong futures activity.
XRP futures hit $2B in open interest as traders eye a bullish breakout to $1.20.
Ripple XRP gains on rumors of regulatory shifts, reaching $1.17 with a 114% monthly increase.
XRP, the native cryptocurrency of the Ripple blockchain, has recently been on an upswing and is currently trading at $1.17. In the past 24 hours, XRP made a 9.49% gain and reached the highest of $1.19 on November 17, only to experience some volatility. There has been a rapid movement in the token within the market, with a 101.94% increase within the week and 114.33% within the month.
Market Trends Boost XRP’s Performance
XRP has followed the rest of the cryptocurrency market up-swing primarily due to Bitcoin's record-setting prices lately. This rally has taken several large-cap altcoins, including XRP, which spiked by 30% on 17th November. Experts believe that XRP could challenge other higher resistance levels if the trend is to persist.
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Adding to the positive sentiment, XRP's future trading activity has hit new highs. Open interest in XRP futures contracts surpassed $2 billion, indicating strong market engagement. Despite a slight bias toward short positions, the increased trading volume reflects a robust influx of new capital into the market.
Regulatory Developments Fuel Investor Optimism
Speculation around U.S. regulatory changes has played a pivotal role in XRP’s price rally. Rumors of SEC Chair Gary Gensler’s potential resignation following President-elect Donald Trump’s victory have heightened optimism among investors. Trump’s pro-crypto stance and focus on fostering the American blockchain industry have bolstered expectations of favorable regulatory changes.
Ripple Labs’ ongoing legal battle with the SEC has also influenced market dynamics. While the court ruled in Ripple’s favor regarding XRP’s classification as a non-security for retail sales, institutional sales violations remain under appeal. The possible resolution of the case, along with Trump’s crypto-friendly agenda, may provide further support for XRP’s growth.
XRP’s Growing Utility and Technical Indicators
Real-world use cases for XRP set it apart from other asset speculation cryptocurrencies. XRP is a cryptocurrency of Ripple’s Blockchain Platform. Furthermore, it enables cross-border transactions and execution of charging fees on transactions on the XRP Ledger. The growth of Ripple services in new regions, including acquiring a license in Dubai, has made the token more attractive globally.
In addition to the technical analysis, the XRP token shows bullish sentiments as the price continues to trade above the 50-day and the 200-day exponential moving average. Some investors suggest XRP will regain its high of $1.40, recorded in September 2021, if the current price rise remains consistent. However, a failure to hold above key resistance levels may lead to a price correction toward $0.82.
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