Check out the latest information in Spanish.
XRP experienced a massive rally of over 20% on Friday, outperforming major digital assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This increase makes XRP the fifth largest cryptocurrency by market capitalization, currently valued at over $107 billion.
As of the latest trading data, XRP price is $1.87, reflecting an impressive 99% increase over the past two weeks. This performance allows XRP to surpass Binance Coin (BNB) in market capitalization, indicating renewed investor interest.
XRP breaks out of 3-year stagnation
The recent rally marks a significant turnaround for XRP, which had been consolidating between $0.30 and $0.60 for nearly three years.
This period of stagnation is primarily due to the end of the 2021 bull market and the ongoing legal battle between Ripple Institute and the US Securities and Exchange Commission (SEC).
Related books
The SEC’s classification of XRP as an “unregistered security” has created significant uncertainty for investors, particularly in the United States, and has impacted the token’s market performance.
However, recent political developments in the United States have created a new sense of confidence among crypto investors.
After Donald Trump won against current Vice President Kamala Harris on November 5th, the cryptocurrency market showed a significant recovery. Bitcoin in particular led this recovery, hitting a new all-time high of $99,540.
President Trump's campaign promise to overhaul the regulatory framework, including firing SEC Chairman Gary Gensler on his first day in office, has added to the optimism.
Gensler has announced that he will retire from the agency on January 20, coinciding with the presidential inauguration, raising hopes that the long-running legal dispute between Ripple and the SEC will soon be resolved.
This potential solution could pave the way for increased investment in XRP and the introduction of new investment products such as token-focused exchange-traded funds (ETFs), with multiple asset management companies You have already submitted your application.
New target price and support level
From a technical analysis perspective, crypto analyst DarkDefender noted that XRP has managed to break through the key resistance level at $1.44.
Following the recent uptrend of the fifth-largest token on the market, DarkDefender outlines new targets for XRP, including $3.4176 and $11.3233, while simultaneously upping previous targets of $5.85 and $18.22. I reconsidered it. Additionally, the analyst highlighted new support levels at $1.44, $1.28, $1.14, and $1.03.
Related books
The 4-hour chart shows the new market structure for XRP, which is expected to reach $2.13 before a correction occurs. New resistance levels within this period have been identified at $4.11 and $6.42, consistent with the primary target of $5.85 following an expected move above $1.88.
The daily chart shows that the price of XRP is on an upward trend. Source: XRPSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com
