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XRP saw a notable surge of more than 20% on Friday, outperforming leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This increase has pushed XRP to become the fifth largest cryptocurrency by market cap, which now exceeds $107 billion.
According to the latest trading data, the price of XRP is at $1.87, reflecting a significant increase of 99% over the past two weeks. This performance has allowed XRP to surpass Binance Coin (BNB) in Market valueThis indicates a return of investor interest.
XRP is breaking out of a three-year slump
The recent rally represents a major turnaround for XRP, which has been consolidating between $0.30 and $0.60 for nearly three years.
This downturn is largely attributed to the end of the 2021 uptrend and the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC).
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The SEC’s classification of XRP as an “unregistered security” has created significant uncertainty for investors, particularly in the United States, which has impacted the performance of the token market.
However, recent political developments in the United States have contributed to a renewed sense of confidence among cryptocurrency investors.
the next Donald Trump wins On November 5, when he defeated incumbent Vice President Kamala Harris, the cryptocurrency market saw a major recovery. Bitcoin, in particular, hit a new all-time high at $99,540, fueling the rally.
Trump’s campaign promises to reform regulatory frameworks, including the firing of SEC Chairman Gary Gensler on his first day in office, fueled optimism.
Gensler did Announce His departure from the agency effective January 20, coinciding with the presidential inauguration, raises hopes that the long-running legal dispute between Ripple and the SEC could be resolved soon.
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 several asset managers already placing orders.
New price targets and support levels
In terms of technical analysis, cryptocurrency analyst DarkDefender noted that XRP has successfully breached the critical resistance level at $1.44.
With the recent uptrend recorded for the fifth largest token on the market, DarkDefender shown New targets for XRP, including $3.4176 and $11.3233, with historical targets of $5.85 and $18.22 also revisited. Furthermore, the analyst highlighted new support levels at $1.44, $1.28, $1.14, and $1.03.
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4 hour chart Pointing New market structure for XRP, with expectations to touch $2.13 before any potential corrections. New resistance levels have been identified at $4.11 and $6.42 during this time frame, in line with the key target of $5.85 after an expected move above $1.88.
Featured image of DALL-E, chart from TradingView.com
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