XRP is currently on a tear, having surged over 16% in 24 hours, with analysts eyeing a potential rally to $1 by the end of the week. But what's behind this sudden burst of activity?
According to recent reports, XRP's price rally has been fueled by regulatory optimism following Donald Trump's election. This has sparked speculation that Trump will fulfill his promise to remove the current SEC Chair, Gary Gensler, on his first day in office. The crypto community is also anticipating that Gensler's resignation could prompt the agency to withdraw its latest appeal in the Ripple case, potentially bringing an end to the six-year legal battle between Ripple Labs and the securities watchdog.
Furthermore, rumors that Trump could eliminate all capital taxes on cryptocurrencies issued by U.S. companies have also fueled the recent bullish sentiment around XRP. This, combined with the announcement by Société Générale's digital asset subsidiary, SG-FORGE, that it will deploy its euro-backed stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network, has added to the excitement surrounding the altcoin.
While Bitcoin and other major cryptocurrencies have declined by 4-6% over the past 24 hours, XRP has deviated from the broader trend, leading the gains among the top 100 crypto assets with a 16.6% daily increase. This has extended its seven-day gains to 45.9%, reaching its highest level this year, last seen on July 20, 2023.
Analysts are now predicting a rally towards the $1 mark, with Crypto.news analyst expecting a similar target. Dark Defender, a prominent analyst, expects XRP to reach $1.03 by the end of the week if it maintains support above $0.7496 and secures the $0.76 level. Meanwhile, trader BigMike has projected an even more bullish target, predicting that XRP could rally as high as $8 this cycle if it breaks out of a large symmetrical triangle pattern formed since mid-2020 on the 1-M/USD chart.
With open interest in the XRP futures market having surged from a monthly low of $680 million to over $1.3 billion as of Nov. 15, it seems that trader activity is on the rise. This, combined with the bullish catalysts at play, suggests that XRP could indeed reach $1 by the end of the week.
Predictions:
- XRP to reach $1.03 by the end of the week if it maintains support above $0.7496 and secures the $0.76 level.
- XRP to rally as high as $8 this cycle if it breaks out of a large symmetrical triangle pattern formed since mid-2020 on the 1-M/USD chart.
- Open interest in the XRP futures market to continue to rise as trader activity increases.
As the crypto market continues to evolve, one thing is certain – XRP is one to watch in the coming days and weeks. Will it reach $1 by the end of the week? Only time will tell, but with the current momentum and bullish sentiment, it's certainly possible.
