XRP On Blue Flame, Runs Past BNB, March To $2
XRP overtakes BNB as the fifth-largest cryptocurrency, with a market valuation of over $105 billion with a 250 percent increase in November. The market activity of the altcoin has been greatly impacted by Ripple’s protracted legal dispute with the SEC. Ripple’s XRP is the top-performing major cryptocurrency, up nearly 23% within a day and about 25% in the past week
Price Action
The RSI indicator, which has been in overbought territory for the past month suggests that the bias may weaken. The $1.60 and $1.40 thresholds will be the first possible supports if a correction takes place, followed by a zone at $1.20 that is graphically far more significant.
A decline below this level would be a bearish indication that might place the $1 zone right in line with higher prices.
The $1.88 level and the high from last week, at $1.63, combine to create an immediate resistance zone on the upside. The psychological $2 level should soon catch traders’ attention as they move higher. Finally, considering the next big rally, it might be more tactically prudent to hold off on buying XRP until it moderates so buyers can position themselves at a better price.
The asset is already outperforming the 2021 bull market, and the increase may last for a few more months. BNB has been overtaken by Ripple’s XRP, which now ranks fifth in market capitalization. On Saturday, XRP’s market capitalization hit $107 billion, the highest level in three years.
Fundamentals healthy
XRP is at the top of the list to gain from Trump’s promised more flexible regulation of cryptocurrencies, investors are indeed hoping that other ETFs will be able to launch after those of BTC and ETH earlier this year. It is also important to remember that the US SEC and Ripple are still involved in a lawsuit and that there is hope for a friendly settlement or even the US regulator dropping the case given Gary Gensler’s recent pledge to step down the day Trump takes office.
Most of the main cryptocurrencies have stalled and are having difficulty reviving as strongly as they once did. All of them, except XRP, are outperforming Bitcoin, Ethereum, and Solana and is made a big comeback last month
Although there are numerous explanations for XRP’s recent surge, it is undeniable that the asset is experiencing strong bullish momentum. XRP has recovered its reputation as a reliable asset and bullish token amid high buying power
The token’s price has undoubtedly increased due to Gary Gensler’s departure from the SEC, which will take effect on January 20. With an even more optimistic outlook, XRP may soon have its own ETF in the US. The SEC will no longer be an enemy of Ripple Dot. The number of requests for an XRP ETF has increased in recent weeks. Under Joe Biden, these appeared unattainable, but Donald Trump’s electoral victory brought everything back to life.
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