XRP reached $1.26, marking a new two-year high for the coin. The rise in the value of XRP has occurred at a time when the rest of the cryptocurrency market is anticipating some regulatory reforms in the United States, especially following the results of the US elections. with Gains of more than 90% Within seven days, a surge in XRP prices has reignited investor excitement towards the Ripple token.
Last Friday, the cryptocurrency closed at $1.05, a massive monthly increase of 116%. For comparison, XRP was barely moving at $0.50 a week ago. Although the altcoin appears to be making a rebound, Bitcoin’s recent rise above $93,000 may have contributed to the overall improved market sentiment.
Google Trends data indicates growing interest
As the price of XRP rises, interest in research also increases. On Monday, Google Trends is showing a top popularity score of 100, a significant increase from just eight days ago when it was only 8. This jump indicates a significant increase in public interest, which may have been driven by XRP’s notable price movement and its return to the market. Top market cap rankings.
Remarkably, XRP has regained its position above Dogecoin with a market cap of around $65 billion. Cryptocurrencies and other market watchers have noted the historical significance of XRP’s recent weekly close. However, some traders are concerned, noting that the symbol may be overbought due to its Relative Strength Index (RSI) peaking above 93.
#XRP Highest weekly close in two years | How far will you go?
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— Cryptocurrencies (@cryptoes_ta) November 18, 2024
Overcome resistance and predictions
More than just crossing the psychological barrier, the XRP price rally has also broken through long-term resistance levels that put the price of this cryptocurrency below $1 for a long time. Analysts say this could open the door to further growth in the long term. If market sentiment and trading volume remain strong, the best forecast is that it will see another rally.
The price is expected to rise by 14.35% over the next month, according to analysts’ optimistic short-term forecasts. Even more optimistic is the one-year forecast, which predicts a 99% increase. Although these numbers show strong growth potential, the cryptocurrency must hold on to crucial support levels to prevent sharp declines.
What’s next for XRP?
After a sharp rise, XRP is currently trading at $1.14. Thanks to renewed enthusiasm and macroeconomic conditions that favor digital assets, its ecosystem appears stronger than ever. However, traders should continue to be cautious. Given that XRP’s RSI is at its highest level since 2017, a consolidation phase could be imminent before another breakout occurs.
Show long-term forecasts PromisingBut the way forward will likely depend on market developments and Ripple’s ability to build on its recent gains. Since cryptocurrencies may change momentum quickly, investors are keeping a close eye on things.
Featured image from MoneyCheck, chart from TradingView
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