XRP continues its bullish rally with price nearing $1.20

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As a seasoned analyst with a decade of experience in the volatile and ever-evolving world of cryptocurrencies, I find myself both intrigued and cautiously optimistic about the recent surge of Ripple’s XRP token. The double-digit percentage gain in just 24 hours is certainly noteworthy, especially when coupled with its impressive performance over the past week and month.

Over the last week, the value of Ripple‘s token, XRP, has been surging. It’s been steadily approaching the $1.20 mark. In just the past day, the price of XRP has climbed by almost 10%.

Based on information from crypto.news, Ripple (XRP) remains on an upward trend, having increased by approximately 9.49% over the last 24 hours. At the moment of writing, the token is being exchanged at around $1.17. Since early November, the XRP token has been steadily rising and peaked at $1.19 on Nov. 17.

Over the last week, Ripple’s native token experienced a remarkable surge of 101.94%. Over the course of the last month, this token has soared even higher, reaching an increase of 114.33%.

In simple terms, XRP currently holds the sixth position in the cryptocurrency rankings, boasting a market capitalization of approximately 66.5 billion dollars. Its fully diluted valuation surpasses 116 billion dollars, while its present circulating supply stands at around 99 billion units.

Over the past few weeks, XRP, one of the significant cryptocurrencies, has been surging following Bitcoin‘s continuous record-breaking highs. A crypto expert going by the handle @Cryptoinsightuk on Twitter foresees that XRP is primed for a substantial increase during this ongoing rally, using the term “looks ready to explode.

$XRP on the Weekly, Monthly and 3 Monthly.

Take emotion and noise away.

Look at these charts.

Obviously we have not got the close on the month or 3 month yet, but this thing looks ready to erupt.

— Cryptoinsightuk (@Cryptoinsightuk) November 18, 2024

It appears that other cryptocurrency traders who follow X are quite optimistic about the potential for further growth in XRP, as was previously mentioned by crypto.news. According to their reports, XRP has been experiencing a remarkable rise with a significant increase of approximately 30% on November 17th, which is a notable upward trend.

As a researcher delving into the intricacies of XRP’s potential market value, I find myself compelled to share some insights from two reputable sources: Coincodex and DigitalCoinPrice. According to Coincodex, the token’s price might fluctuate within a range of $0.69 to $3.09, with an average prediction of $1.66. On the other hand, DigitalCoinPrice projects that XRP could potentially surge to between $2.46 and $2.96, with an estimated average price of $2.80.

SEC vs XRP coming to a close?

As an analyst, I believe one contributing factor to the recent surge in cryptocurrency prices, beyond Bitcoin’s market dominance, is the speculation surrounding SEC Chairman Gary Gensler potentially resigning from his position. This speculation has ignited a renewed sense of optimism within the crypto market, particularly among Ripple XRP investors.

From December 2020, Ripple Labs has been embroiled in a legal dispute with the Securities and Exchange Commission (SEC). The SEC alleges that the company illegally sold XRP as an unregistered security. However, in July 2023, the court made an official ruling stating that some of the XRP sales were not classified as securities transactions.

Nevertheless, the SEC persisted in filing an appeal, arguing that the court’s decision went against “decades of Supreme Court rulings.” In October 2024, Ripple Labs countered with their own appeal, detailing the points they intended to challenge, suggesting that the legal battle between the SEC and Ripple is ongoing.

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2024-11-18 14:24