Crypto experts explain why XRP price could surge soon

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. Having closely monitored the crypto space for the past few years, I must say that the recent performance of XRP has caught my attention. The surge above the $1 mark and the formation of a bullish pennant pattern are indeed promising signs.

This month, the value of XRP has shown strong growth, and cryptocurrency analysts anticipate that the upward trend may intensify in the near future.

This week, Ripple (XRP) breached the significant barrier of $1 due to a surge in demand, which represents an approximately 200% rise from its lowest point in June.

Enthusiasm for XRP’s prospects remains high among crypto specialists. In a recent post, influential analyst XRP Queen – boasting a following of close to 50,000 – posited that if Gary Gensler steps down as the chairman of the Securities and Exchange Commission, it could lead to XRP experiencing its most significant surge in value.

The idea that he might resign has become stronger since Donald Trump’s victory in the election, given that Trump could potentially choose a new SEC chair who is likely to be supportive of the cryptocurrency sector.

Such a chair might end Ripple Labs’ ongoing litigation and approve additional crypto ETFs, including XRP.

Significant advancements fuel enthusiasm as Ripple intends to introduce RLUSD, a US dollar-backed stablecoin, aiming to broaden its influence within the blockchain and payment industries.

From a technical perspective, analysts are pointing out the development of a bullish flag formation over the last seven years. Javon Marks, a cryptocurrency expert, recently pointed out that a break above this pattern might indicate potential increases in the coming months.

$XRP back in the 7 year pennant 🧐

— ₿ΞA$⬡N ⟠ 🦄 (@beason82) November 10, 2024

XRP price has more upside

Today’s graph illustrates XRP experiencing consolidation following its recent surge, shaping a bullish pennant formation, typically a promising sign. Currently, the coin has managed to surpass both the 50-day and 200-day Exponential Moving Averages and is maintaining support at $0.9351, a significant level dating back to July of last year.

A strong surge in XRP’s price might take it up to around $1.2685, which is its highest point this week. If it manages to surpass that level, the odds of hitting its 2021 maximum of $1.97 (a potential 75% increase) would become more probable. However, an increase to its all-time high of $3.54 (requiring a significant leap of approximately 215%) is seen as less plausible in the remaining months of this year.

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2024-11-21 18:56