XRP runs at speed of light, six month high

XRP outperformed the rest of the cryptocurrency market as the rally cooled off, rising by over 20% for the day.  Binance data showed that the altcoin  rallied 22% percent, reaching a sixteen-month high of $0.85.  

It has regained its previous prominence, and new opportunities have arisen since the altcoin was relisted on Robinhood in the US

Market indicators show the 200-week simple moving average (SMA), which embraces the multiyear descending trend line at $0.6163,  providing instant support for the price of XRP. 

Technical indicators showed the moving average convergence divergence (MACD) indicator generated a bullish sign.  This occurred during the week ending November when the MACD line (blue) crossed above the signal line (orange) indicating that the market was  bullish 

XRP’s value has increased by about two-thirds in the past seven days. The digital asset ranged from $0.5441 to $0.9146 on the weekly spectrum 

 XRP has achieved the second-best performance of the ten most capitalized cryptocurrencies on the market with an increase of 49% behind Dogecoin’s 90% increase,  

This increase comes amid impending turmoil in the US government following Donald Trump’s election.  The latter has surrounded himself with pro-crypto figures like Elon Musk

XRP’s fortune is also rising due to rumors that Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), is about to resign. Eighteen American States complained that SEC  abused its authority in relation to crypto assets, which boosted appetite for risk among crypto traders. 

The American legal system decided in July 2023 that XRP was not a “security” , as a result, was not under the SEC’s jurisdiction. However, the SEC added a twist a month ago by resuming its fight against XRP. Founded in 2012, XRP is currently the seventh most valuable cryptocurrency on the market, valued at $52 billion.