$XRP price is up today buoyed by Ripple’s strategic partnerships, high open interest and a market structure pointing to a parabolic rally going forward.
#XRP tickers down $1.38
price is up 25% over the last 24 hours, outperforming the rest of the crypto market.
Data from Cointelegraph Markets Pro and TradingView shows XRP rose from a low of $1.079 on Nov. 21, climbing as much as 33% to a 42-month high of $1.438 before retracing to the current value of $1.386. The XRP/USD pair boasts 74% and 163% weekly and monthly gains, respectively.
In comparison, the total crypto market capitalization has posted only 3.65% daily gains to $3.3 trillion at the time of publication. Bitcoin
#BTC nears down $98,651 has risen 2.2%, and
nearing the $100,000 milestone, while Ether
ETH tickers down $3,356.67 is up 8.2% on the day.
Let’s look closer at the factors driving XRP price up today.
XRP price rises on Ripple partnership with Mercy Corps Venture
Ripple has announced the expansion of its partnership with Mercy Corps Ventures, which is aimed at equipping entrepreneurs in emerging markets.
The expansion of this partnership will take place through a new initiative referred to as Unlocking Opportunity.
The program is designed to promote financial inclusion by utilizing the XRP Ledger (XRPL) for entrepreneurs and small businesses in emerging markets.
It will also involve the use of other Ripple products such as the “pending Ripple USD stablecoin (RLUSD)—focusing on financial inclusion use cases such as savings, remittances, micropayments, and tokenization of real-world assets,” Ripple explained, adding:
“With a focus on transformative, scalable solutions, Ripple has now committed more than $5.5M to support Mercy Corps Ventures. ”
The partnership could boost XRP adoption, potentially increasing demand for the token.
Record high OI supports XRP price rally
Expectations of a crypto-friendly regulatory environment under Trump’s presidency have sparked growth in XRP-tracked futures with the open interest (IO) zooming to record highs on Nov. 22
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
XRP’s OI rose to an all-time high of $2.41 billion on Nov. 22, about 10% higher than the $2.18 billion recorded a day prior, according to CoinGlass data. This accompanied a 25% price growth over the same period.
Higher open interest simply indicates that more money is entering the market, raising the chances that the trend will continue.
$8 to $13 XRP price target “not too far”
Data from Cointelegraph Markets Pro and TradingView shows XRP trading at $1.386, up 175% from the $0.50 level it held before the US elections on Nov. 5.
This impressive performance by XRP has led to analysts setting ambitious price targets.
In a Nov. 18 XRP analysis on X, independent trader and analyst CasiTrades presented a number of technical indicators, mapping the potential price movements.
Strong support levels for XRP lie at $0.88 and $0.98, which provide “perfect” buy opportunities for anyone who “missed out earlier.”
CasiTrades observed that the daily relative strength index (RSI) has recorded “higher highs with no divergence,” indicating that the upward momentum is strong.
“No change in my long-term outlook: $8-$13 target is not too far from here.”
Fellow analyst Cryptobull said XRP was fighting a multi-year resistance around $1.40 adding that if it is broken, the big resistances would be $1.96 and $3.84.
XRP Avengers set an even more ambitious target for XRP saying that most people are likely to sell their XRP when the price is between $10 and $50. They added:
“I am here to see the price above $100.”
