In a significant resurgence, XRP has broken free from its prolonged dormancy, reclaiming the $1 price point for the first time in over three years. This achievement quells doubts about XRP’s long-term viability, with experts forecasting further upward potential for the cryptocurrency.
Market Dominance and Future Potential
XRP’s potential is bolstered by its renewed market dominance, which has reached the 1.66% mark. This milestone, achieved after a three-year hiatus, was highlighted in a recent report by Cryptoinsightuk, shared via social media on November 16. Historically, such levels of dominance have acted as a catalyst for significant upward trends, with past instances showing an average continuation of 740% growth.
Analysts project that XRP’s market capitalization could soar to $444 billion if the trend continues, which would translate to a price of approximately $8 based on the current circulating supply. The formation of higher lows in dominance, coupled with increased trading volume, signifies a renewed interest in XRP, with the Relative Strength Index (RSI) also moving into bullish territory.
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XRP’s Trajectory Towards $2
Further supporting this optimistic outlook is an analysis of Harmonic Patterns. After reclaiming the $1 level, XRP could potentially target the $2 range, buoyed by the emergence of a bullish Crab harmonic pattern. The monthly chart suggests a potential upward trajectory, with XRP aiming for $1.99, aligning with the 1.618 Fibonacci extension. Key levels to watch include an extended target of $2.98, contingent on sustained momentum.
As noted by Finbold, surpassing the $0.76 resistance could signify the long-anticipated breakout of the asset. In previous cycles, XRP faced challenges in maintaining bullish momentum towards $1, frequently consolidating below $0.60. However, the current market conditions align with a period of anticipation for more favorable cryptocurrency policies under the incoming Donald Trump administration.
Anticipation of Policy Shifts
Ripple has spent the last four years entangled in a legal dispute with the Securities and Exchange Commission (SEC), under the leadership of Gary Gensler. With the possibility of policy changes under President-elect Trump, there is growing speculation that Gensler may step down from his role. Ripple CEO Brad Garlinghouse has attributed the recent rise in cryptocurrencies to Trump’s potential policies, labeling him a “crypto president” and commending his openness to blockchain innovation.
Current XRP Price Analysis
At the time of writing, XRP is trading at $1.06, marking a remarkable 30% increase in the past 24 hours. Over the past week, the token has gained an impressive 92%. The technical indicators remain bullish, with XRP trading above the 50-day and 200-day moving averages. However, caution is advised as the 14-day RSI indicates oversold conditions, which could lead to short-term downward pressure or consolidation.
While reclaiming the $1 level is a significant milestone, maintaining it as a support level will be crucial for sustaining future gains. The recent surge in XRP’s value highlights its potential as a formidable player in the cryptocurrency market.
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