XRP Rises 23.21% in 24 Hours, Market Cap Reaches $89.82 Billion
XRP has increased by 23.21% in the last 24 hours and achieved a 154% price gain over the past two weeks, making it the sixth-largest cryptocurrency with a market cap of $89.82 billion. Analysts maintain a bullish outlook on XRP’s potential during the current crypto bull season.
Can XRP Repeat 2017 Historical Price Movement?
Analyst CryptoBull predicts that XRP could reach $40 within three months if it replicates its 2017 price surge. In early 2017, XRP rose from $0.006 to a peak of $0.33, marking a 5,400% increase. Recent developments, including SEC Chairman Gary Gensler's planned resignation on January 20, have contributed to positive market sentiment for XRP, as this may alleviate regulatory pressure on Ripple.
Gensler’s resignation aligns with the upcoming inauguration of pro-crypto US President-Elect Donald Trump, who plans to adopt a friendlier stance on digital asset regulation. Additionally, the potential introduction of a spot ETF under Trump's administration further supports optimistic views on XRP’s profitability. CryptoBull estimates XRP could hit $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRP’s Dream Surge
Despite its potential, CryptoBull identifies significant resistance at the $1.96 level. If XRP surpasses this point, the next resistance is expected at $3.84, which represents the token’s all-time high. The current bullish market sentiment suggests XRP may breach these resistance levels; however, the Relative Strength Index indicates an overbought condition (91.73), suggesting possible price pullback risks.
Currently, XRP trades at $1.78, reflecting a 79.57% gain over the past week, with daily trading volume increasing by 103.57% to $20.29 billion.
Featured image from Trackinsight, chart from Tradingview