Rippleâs XRP has been stealing the spotlight lately, climbing closer to its highest levels in six years. Analysts predict that the cryptocurrency might reach $18 by mid-2025 based on the Elliott Wave Theory. Some even foresee a potential surge to $20, reclaiming its 2017-2018 peak. Letâs dive into XRPâs recent performance and exciting prospects.
đ Price Action & Momentum
XRP experienced a 7% gain in 24 hours and a 12% rise over the past week, with its price currently at $1.73. Despite this bullish trend, trading volume dropped by 9%, totaling $6.9 billion. Analysts expect XRP to test the $1.63 resistance level again and possibly climb to $1.75, marking its highest price since 2018. However, should momentum falter, a downward correction to $1.27 or even $1.05 might occur.
XRPâs Relative Strength Index (RSI) sits at 53.2, indicating a consolidation phase after its recent explosive rally. Between November 21-23, the RSI surged above 70, signaling an overbought condition. With more room for growth, XRP appears primed for another potential upswing.
đĽ XRP vs. Bitcoin: The New Crypto Leader?
XRP has outperformed Bitcoin in November. While Bitcoin struggles, facing a 3.5% drop after flirting with the $100,000 mark, XRP continues its bullish ascent. This stark contrast positions XRP as a promising alternative amidst market volatility.
đł Donald Trumpâs Victory and SEC Shakeup
The U.S. presidential election results, with Donald Trumpâs win, seem to have positively impacted XRP. Gary Gensler, the SEC Chair known for his tough stance on cryptocurrencies, announced his upcoming resignation in January. This news reignites optimism for a resolution in the four-year-long Ripple vs. SEC legal battle, potentially through a settlement.
đ Rippleâs Stablecoin Speculation
Ripple is making waves in the stablecoin market too. Recently, the company burned over 46 million RLUSD tokens, sparking speculation about a forthcoming Ripple Stablecoin. Testing for this new asset has been ongoing on the XRP Ledger and Ethereum networks, with hopes of launching publicly by year-end, pending regulatory approval.
đ Outlook for XRP
With strong bullish momentum, favorable legal prospects, and ongoing innovations, XRP could solidify its position as a leader in the crypto space. Whether itâs aiming for $20 or introducing a stablecoin, Ripple is clearly gearing up for a groundbreaking future.
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