【XRP Continues Bullish, Price Approaches $1.20】
Ripple's XRP has recently embarked on a strong upward trend, with the price nearing $1.20, having risen 9.49% in the past 24 hours, currently quoted at $1.17, with a market capitalization of $66.5 billion. In the past seven days, XRP has increased by 101.94%, and over the course of a month, the cumulative increase is 114.33%, with a circulating supply close to 100 billion.
The rise in XRP is influenced by Bitcoin reaching new highs and a boost in market sentiment. An analyst pointed out that XRP "appears ready to explode," potentially reaching a single-day breakthrough increase of 30% on November 17. Predictions indicate that XRP could reach between $2.46 and $2.96 in the short term, with an average price of around $2.80.
The optimistic market sentiment is also driven by rumors of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's impending resignation. Since 2020, the legal dispute between Ripple Labs and the SEC has been ongoing, with the SEC accusing XRP of being an unregistered security. However, in 2023, the court ruled that certain sales of XRP do not constitute securities transactions. Nevertheless, both parties are still in the appeal stage, and the litigation is not yet resolved. Recent legal developments and market momentum may continue to support XRP's growth.