XRP Spikes 23% in 24 Hours: Will It Repeat 2017's Miracle?
XRP, one of the largest altcoins in the market, has just recorded a 23.21% increase in 24 hours, bringing its market capitalization to $89.82 billion and consolidating its position as the 6th largest cryptocurrency.
Notably, over the past two weeks, XRP has increased in price by 154%, raising expectations of a new bull cycle.
XRP Prediction Hits $40?
Analyst CryptoBull recently said that if XRP replicates its historic price boom of 2017, the coin could hit $40 in the next three months.
According to data from CoinMarketCap, in 2017, XRP increased from $0.006 to $0.33, a 5,400% increase.
With the current momentum, XRP could be preparing for a similar jump, especially as the crypto market is in the early stages of a bull cycle.
Factors That Promote Optimism
The news that SEC Chairman Gary Gensler will step down on January 20 was seen as a major factor boosting positive sentiment.
For years, Gensler has been a major roadblock for Ripple and XRP in their legal battle with the SEC.
Additionally, President-elect Donald Trump's upcoming inauguration and promises of more crypto-friendly policies have also created new hope.
Many expect the new administration to approve a spot ETF, which would be a huge boon for XRP.
Important Price Levels
To reach higher price levels, XRP needs to overcome key resistance levels:
$1.96: First level with significant selling pressure.
$3.84: XRP's all-time high, a bigger challenge.
Warning From RSI
Although the bullish trend is dominant, XRP's RSI is currently at 91.73, suggesting that the coin is overbought and could face a correction.
XRP is currently trading at $1.78, up 79.57% over the past week. Its daily trading volume is $20.29 billion, up 103.57% from the previous day.
Will XRP overcome the challenges to conquer new price levels? Only time will tell.
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