According to 100eyes Crypto Scanner, Ripple-affiliated XRP cryptocurrency is currently approaching horizontal resistance near the $1.60 level.
The XRP token has surged by 6% over the past 24 hours, outperforming every cryptocurrency in the top 10. For instance, Bitcoin is only up a mere 0.4%. It seems that many were recommending the leading cryptocurrency at their Thanksgiving tables.
XRP is up by a whopping 207% this November so far, with just two days remaining to wrap up the month.
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If the token manages to hold onto its gains, it will log its best-performing month since December 2017.
The Ripple-linked token is now fast approaching the $100 billion club with its market cap.
In 2018, XRP briefly surpassed Ethereum (ETH) to become the second-biggest cryptocurrency by market capitalization. It is currently in fifth place, still trailing behind BNB and Solana (SOL).
Breaking above the aforementioned resistance level might pave the way for an even stronger rally for the O.G. altcoin. The token could start inching closer to the $2 mark.
The price rally coincided with the growing XRP ETF buzz in the U.S., with WisdomTree recently becoming the latest issuer to submit its application. At this point, it seems increasingly likely that such a product will end up being approved sooner or later.
The upcoming departure of anti-crypto SEC Chair Gary Gensler also emerged as a key bullish catalyst. Presently, former SEC Commissioner Paul Atkins is the leading candidate to replace Gensler.
The token also recently became available for Robinhood US users, alongside other tokens.
