Why did XRP rise by 30% and hit a 3.6-year high?

#比特币突破10万?

Hey, friends in the crypto community, XRP is on fire today. The price has risen by more than 32% and directly reached $1.43, which is the highest point in 3.6 years!

Speaking of which, this matter has to start with Gary Gensler, chairman of the U.S. Securities and Exchange Commission. He announced that he would step down on January 20, 2025, and the stock market immediately rose. What's more amazing is that XRP also benefited from it, and the price soared all the way, from $1.10 to $1.43 in 24 hours, just like riding a rocket!

Now the price of XRP is $1.40, and the market value is almost $80 billion. Moreover, the trading volume in these 24 hours has also increased dramatically, exceeding 141%, reaching $16.38 billion.

It seems that investors are very excited about this matter, thinking that once Gensler leaves, the US regulation of cryptocurrencies may become more friendly.

Ripple is also a very competitive company. Since being investigated by the SEC in 2020, it has been very low-key. But now they expect to resolve the legal dispute early next year, which is very proud.

In addition, WisdomTree launched physical XRP ETP in Europe, which also added fuel to the XRP rally. Now XRP's open interest has hit a record high of $2.17 billion!

From a technical point of view, XRP is also very powerful. A bullish symmetrical triangle has formed on the four-hour chart, indicating that it may break out. Although the RSI is a bit overbought, historical patterns show that this rally may continue.

If XRP can break through $1.43, it may directly rush to $1.65 in the short term, and it may even touch the threshold of $1.90 or even $2 in the next few days! Of course, if the situation is not good, it may also fall to $1.31 or $1.26.

In addition, Bitcoin is also very powerful, pushing the crypto market up and almost touching the $100,000 mark. The market sentiment has also changed from consolidation to an upward trend.

In short, the rise of XRP is really fierce, let's wait and see!

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