XRP made remarkable strides in recent weeks, surging to $1.62—a multi-year high not seen since 2021. With this impressive performance, CryptoBull (@CryptoBull2020), a prominent crypto analyst, has identified the $1.56 level as crucial for the digital asset.
According to the analyst, a weekly close above this level could pave the way for XRP to accelerate its upward trajectory, with no major resistance until $3.84. The digital asset has fallen slightly, trading at $1.47 at the time of press. If it can reclaim the key resistance level and sustain that momentum to close the month, it could begin a bigger rally.
If #XRP closes above this line on Sunday ($1.56), there will be nothing to stop it until $3.84. pic.twitter.com/TkSGsJkeYx
— CryptoBull (@CryptoBull2020) November 23, 2024
XRP On a Historic Run
CryptoBull’s optimistic prediction comes amid a mix of factors boosting the broader cryptocurrency market. Bitcoin recently surged to $99,655, nearing the historic $100,000 mark for the first time, signaling a bullish sentiment across the digital asset landscape.
Furthermore, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has announced his intention to step down. This move would allow the incoming Donald Trump administration to set up its regulatory framework with ease.
Trump has shown a pro-crypto stance over the past few months, and the crypto world expects him to appoint an SEC Chair who shares his desire to see the crypto market grow.
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XRP’s Current Performance and Outlook
XRP’s rise to $1.62 marks a significant recovery for the asset, which has struggled to reclaim its 2021 peak of $1.96. Analysts point to several catalysts for its renewed strength, including growing anticipation around multiple XRP exchange-traded fund (ETF) applications.
The approval of such ETFs could enhance XRP’s accessibility to institutional investors, potentially driving further adoption and liquidity.
The market now focuses on whether XRP can sustain its upward momentum. As emphasized by CryptoBull, a close above $1.56 this week, would confirm a breakout and position XRP for a rally toward the $3.84 level.
Such a move would represent a substantial 161% gain from its current price. It would show the asset’s potential in the ongoing bull market. According to a prominent crypto figure, XRP is just getting started. Market participants have high expectations for the digital asset, and this surge could be the start of something big.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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