XRP Soars 23% in 24 Hours: Will It Repeat the 2017 Miracle?
XRP, one of the largest altcoins in the market, has just recorded a 23.21% increase in the past 24 hours, bringing its market capitalization to $89.82 billion and solidifying its 6th position in the list of top cryptocurrencies.
In particular, in the past two weeks, XRP has increased by up to 154%, raising hopes for a new bullish cycle.
Prediction: XRP to Reach $40?
Crypto analyst CryptoBull recently stated that if XRP replicates the historic price surge of 2017, the coin could reach $40 in the next three months.
According to data from CoinMarketCap, in 2017, XRP increased from $0.006 to $0.33, equivalent to a 5,400% increase.
With the current momentum, XRP may be preparing for a similar leap, especially as the cryptocurrency market is in the early stages of a bullish cycle.
Factors Driving Optimistic Sentiment
The news that Gary Gensler, the SEC Chairman, will resign on January 20 is seen as a key factor driving positive sentiment.
For many years, Gensler has been a major obstacle for Ripple and XRP in the legal battle with the SEC.
Additionally, the incoming President Donald Trump preparing to take office and promising more crypto-friendly policies also creates new hope.
Many expect the new administration to approve a spot ETF, bringing significant benefits to XRP.
Important Price Levels
To achieve high price milestones, XRP needs to surpass key resistance levels:
$1.96: The first level with significant selling pressure.
$3.84: The all-time high price of XRP, posing a greater challenge.
Warning from RSI
Although the bullish trend is prevailing, XRP's RSI is currently at 91.73, indicating that the coin is overbought and may face a correction.
Currently, XRP is trading at $1.78, up 79.57% in the past week. The daily trading volume reached $20.29 billion, up 103.57% compared to the previous day.
Will XRP overcome challenges to conquer new price milestones? We just have to wait for time to answer.
