XRP Price crosses $1 after 1,000 days, surging 18% in a day to a $50 billion market cap, increased by legal progress, whale activity, and bullish market momentum. Resistance was at $1.20 and $1.50 before aiming for its $3.30 ATH.
XRP, Ripple’s native cryptocurrency, has reached a remarkable milestone, crossing the $1 threshold for the first time in nearly three years. An 18% price increase within a single day has propelled XRP’s market capitalization beyond $50 billion.
This reflects a strong recovery for XRP cryptocurrency market. Several factors have contributed to this rally.
XRP price Analysis
Technical indicators also support this surge, Analysts have drawn parallels to XRP’s historic 2017 rally, suggesting the potential to revisit its all-time high of $3.3 if current trends continue.
From a technical analysis perspective, XRP’s price has established strong support at $0.30, which has served as a launchpad for its recent upward trajectory. The next resistance levels to watch are $1.20 and $1.50, with the latter acting as a crucial barrier before XRP can test new highs
Ripple’s progress in its legal battle with the U.S. SEC has been important. A favorable court ruling and the approval of a joint motion for final judgment have eased regulatory uncertainties that previously weighed heavily on XRP’s performance.
Ripple gained strength after partially winning its case against the SEC, but concerns arose when the SEC appealed the ruling on October 18, claiming XRP is a security. Rumors about SEC Chair Gary Gensler stepping down created an interest in Ripple, causing XRP price to surge and hit a 16-month high above $0.90.
Investor Optimism
The activity of large investors, commonly called whales. Whale wallets purchased over 320 million XRP in the last 72 hours, adding significant buying pressure to increase the bullish trend.
Additionally, the broader cryptocurrency market has shown renewed bullish momentum, driving increased trading volumes and capital inflows. XRP has further benefited from listing on platforms like Robinhood, making it more accessible to retail and institutional investors.
A successful breach of these levels could position XRP price to challenge its previous record, further solidifying its recovery. Strong market capitalization, increasing institutional interest, and growing investor confidence bolster XRP’s promising trajectory.
Ripple’s legal progress and business expansion drive XRP’s recovery and investor confidence. Thus, XRP’s recent performance has maintained optimism.
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