The XRP community has been rejoicing the re-election of Donald Trump, who promised to fire current SEC Chair Gary Gensler on the first day of office next year.
For the first time in more than three years, Ripple Labs-backed XRP XRP $2.06 24h volatility: 1.7% Market cap: $119.53 B Vol. 24h: $6.13 B price spiked above the previous resistance level of around 92 cents. The large-cap altcoin, with a fully diluted valuation of around $113 billion and a daily average traded volume of about $12 billion, surged over 94 percent last week to reach a new multi-year high of above $1.2.
As a result, XRP reclaimed its previous sixth position, in accordance with the market cap, after dethroning Dogecoin DOGE $0.17 24h volatility: 2.7% Market cap: $24.61 B Vol. 24h: $1.96 B . According to the latest market data, XRP price gained over 5 percent in the last 24 hours to trade at about $1.13 on Monday, November 18, during the mid-London session.
From a technical analysis standpoint, XRP price is now in a macro bull run, having broken out of a multi-month falling logarithmic trend. The altcoin finally broke out of a macro-symmetrical triangular pattern that has been formed since 2018.
In the weekly time frame, XRP’s Relative Strength Index (RSI) surged over the 70 percent level for the first time since May 2021. Consequently, XRP price is now aiming for a new all-time high (ATH) akin to Bitcoin BTC $83 570 24h volatility: 1.3% Market cap: $1.66 T Vol. 24h: $56.27 B , which is now aiming for $100k.
Furthermore, the XRP/BTC pair has successfully rebounded from a crucial multi-year support level above 0.0000067. With the ongoing crypto cash rotation, which has favored the altcoin market, XRP price is well positioned for further upside rally.
However, the XRP price could face a short-term resistance range between $1.35 and $1.95, where it was rejected during the 2021 bull run.
Major Factors Influencing XRP Price Growth
As Coinspeaker reported last week, the XRP market has significantly benefited from the imminent ouster of the current US SEC chair Gary Gensler. Moreover, US president-elect Donald Trump pledged the firing of Gensler on his first day of office in January.
With a pro-crypto SEC chair expected to be nominated, the XRP community is confident the ongoing appeal of the recently concluded lawsuit will be dropped.
🥳📈 XRP has now broken a 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally has come on the backs of key whale & shark wallets that hold between 1M-100M tokens. This group has collectively accumulated 453.3M more tokens (worth… pic.twitter.com/8F0IjXs7A5
— Santiment (@santimentfeed) November 16, 2024
The XRP market has also registered a significant growth of whale traders in the past few days. According to market data provided by Santiment, whale investors with a balance of between 1 million and 100 million XRP units accumulated more than 453 million tokens, worth over $526 million in the last week.
Meanwhile, retail traders, with less than 1 million tokens, dumped over 75 million tokens, worth more than $87 million in the past week. From historical performance, XRP price is well positioned to spike higher in the coming weeks as whale traders continue to accumulate.
Ripple has continued to build a more liquid market for XRP including further development on the XRPL network to support interoperable DeFi protocols.
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