As a seasoned analyst with over two decades of market experience under my belt, I must say that XRP‘s recent surge to a $101 billion market cap and its fifth position among cryptocurrencies is nothing short of impressive. Having witnessed the crypto landscape evolve from its infancy, I can confidently assert that this is not just another flash in the pan.
XRP has once again secured a spot among the leading digital currencies, boasting a market value of $101 billion and pushing past BNB to rank fifth among all crypto assets, as reported by CoinGecko. This milestone represents XRP’s highest estimated worth since early 2018.
The token’s price surged 18% in the past 24 hours to $1.80, with weekly gains of 22%. Since the start of the year, XRP has skyrocketed by 193%, trailing only Bitcoin, Ethereum, Tether, and Solana. Solana’s market cap is approximately $114 billion compared to XRP’s $101 billion.
Notable occurrences have significantly contributed to the current bullish trend. The re-election of Donald Trump, known for his supportive views towards cryptocurrency, has ignited market enthusiasm, while the departure of SEC Chair Gary Gensler has revived investor faith.
After Gensler’s suggestion of resignation, XRP surpassed the $1 mark for the first time since November 2021 and soared to $1.40 following his formal announcement. Financial analysts suggest this could result in Ripple‘s ongoing legal disputes with the SEC potentially being resolved or settled.
The network surrounding XRP also keeps expanding. Ripple’s collaboration with Archax to establish a tokenized money market fund and the growing interest from institutional investors like Bitwise are strengthening its perspective. Furthermore, anticipation is high that Ripple will obtain approval for its RLUSD stablecoin, which would boost its practicality even more.
Nevertheless, the analysis advises traders to be cautious as XRP’s Relative Strength Index (RSI) is currently 89, suggesting that the asset might be overbought. CryptoQuant analysts sound an alarm, pointing out that the rally could be driven by leveraged trading, which may lead to significant price fluctuations or possible corrections. The immediate resistance can be found at $1.80, while there’s a possibility of reaching $2 if the momentum continues.
The number of actively used XRP accounts has more than doubled in November, indicating rising user engagement and network usage. This surge in interest could signal increased adoption and potential for future expansion. However, traders should be mindful of the market’s short-term fluctuations as XRP’s positive outlook is accompanied by some volatility.
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2024-11-30 12:21