XRP Price Surges Over 94% to Reach New Multi-Year High
Ripple Labs-backed XRP recently surpassed the resistance level of approximately 92 cents for the first time in over three years. The altcoin, with a fully diluted valuation near $113 billion and a daily average trading volume around $12 billion, surged over 94 percent last week, reaching a multi-year high above $1.2.
XRP reclaimed its sixth position by market cap after surpassing Dogecoin. As of Monday, November 18, XRP traded at about $1.13, reflecting a more than 5 percent increase in the past 24 hours.
From a technical perspective, XRP is experiencing a macro bull run, having broken out of a prolonged falling trend. It has successfully exited a multi-year symmetrical triangular pattern formed since 2018.
The Relative Strength Index (RSI) for XRP exceeded 70 percent for the first time since May 2021, positioning XRP to aim for new all-time highs similar to Bitcoin, which is targeting $100k.
The XRP/BTC pair rebounded from a vital multi-year support level above 0.0000067. With the recent crypto cash rotation favoring altcoins, XRP is poised for further upward movement. However, short-term resistance may occur between $1.35 and $1.95, levels where XRP faced rejection during the 2021 bull run.
Major Factors Influencing XRP Price Growth
According to Coinspeaker, XRP has benefited from the potential removal of US SEC chair Gary Gensler. US president-elect Donald Trump has promised to dismiss Gensler on his first day in office in January.
The expectation of a pro-crypto SEC chair has led the XRP community to believe that the appeal related to the recent 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 seen significant activity from whale traders recently. Data from Santiment indicates that investors holding between 1 million and 100 million XRP units accumulated over 453 million tokens, valued at more than $526 million in the past week. In contrast, retail traders with less than 1 million tokens sold more than 75 million tokens, worth over $87 million.
Historically, XRP's price trajectory suggests potential for further increases as whale accumulation continues. Ripple is also working to enhance market liquidity for XRP and develop the XRPL network to support interoperable DeFi protocols.