XRP has been gaining investor interest this month, with cryptocurrency experts predicting further price increases. After surpassing the key $1 level and achieving nearly 200% growth from its June lows, XRP is trending bullish.
Key Factors Driving XRP’s Growth
This week, XRP broke through the psychological $1 barrier, boosting demand and market optimism. Analysts agree that this level is a critical milestone that could support further price increases.
An influencer known as XRP Queen on the X platform, with nearly 50,000 followers, suggested that Gary Gensler’s resignation as SEC Chair could trigger the “biggest pump” for XRP. Speculation about his resignation has intensified following Donald Trump’s presidential election victory, as Trump is expected to appoint a new SEC Chair who might adopt a more crypto-friendly stance.
Support from Planned Innovations
Ripple has announced plans to launch a stablecoin called RLUSD, backed by the US dollar. This initiative aims to strengthen Ripple’s position in the blockchain and payment sectors, potentially boosting XRP’s value.
Technical analysis also highlights promising signals. Analysts point to a bullish flag pattern that has been forming over the past seven years. According to Javon Marks, a breakout above this pattern could signal additional XRP price gains in the coming months.
Technical View: What Do the Charts Say?
XRP’s daily chart shows that the coin is consolidating above key levels and has formed a bullish flag pattern, which is generally a positive indicator. XRP also remains above its 50-day and 200-day moving averages, confirming the strength of its bullish trend.
The price is holding support at $0.9351, a critical level from July last year. Analysts predict that a bullish breakout could push the price to $1.2685, this week’s high. If XRP surpasses this level, it could move closer to its 2021 peak of $1.97, representing a 75% gain from current levels.
Reaching All-Time High: Less Likely This Year
While a return to the all-time high of $3.54, which would require a 215% increase, is considered less likely this year, experts agree that XRP has room to grow further. A combination of technical signals, Ripple’s innovations, and potential regulatory changes remain key drivers.
Conclusion: XRP is well-positioned for further growth, with investors and analysts closely monitoring critical technical and fundamental factors. If favorable conditions persist, XRP could soon reach new heights.
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