XRP has been on a week-long rally, with its price nearing $1.20. According to data from crypto.news, the Ripple token has soared by nearly 10% in the past 24 hours, trading at $1.17 at the time of writing. This surge has led to XRP ranking at number 6 on the cryptocurrency leaderboard, with a market cap of $66.5 billion.
As the price of XRP continues to rise, experts are weighing in on the possible reasons behind this trend. One crypto analyst on X, @Cryptoinsightuk, predicted that XRP “looks ready to erupt” in the middle of the ongoing rally. This prediction is based on the token’s performance on the weekly, monthly, and 3-month charts, which show a clear upward trend.
Other crypto traders on X also seem to have high hopes towards XRP’s continued growth. As previously reported by crypto.news, XRP has been on a “record-breaking rally” with a meteoric 30% surge on Nov. 17. Coincodex predicted that the token’s price could fall somewhere between $0.69 and $3.09, with an average price of $1.66. Meanwhile, DigitalCoinPrice believes that XRP is capable of reaching $2.46 until $2.96, with an average price prediction of $2.80.
One possible reason for XRP’s recent high-rise is the rumors circulating about SEC Chairman Gary Gensler stepping down from his post. These rumors have fueled a fresh wave of optimism into the crypto market, especially for Ripple’s XRP. The ongoing legal battle between Ripple Labs and the SEC has been a major factor in XRP’s price fluctuations. However, with the court’s ruling in July 2023 that certain XRP sales did not count as securities transactions, the tide may be turning in favor of XRP.
Based on the current trends and expert predictions, it is likely that XRP will continue its bullish rally in the short term. With its price nearing $1.20, XRP may reach new highs in the coming weeks. However, the crypto market is known for its volatility, and external factors such as regulatory changes and market sentiment can impact XRP’s price.
Predictions:
- XRP may reach $1.50 in the next 2-3 weeks, driven by its current momentum and market optimism.
- The token’s price may fluctuate between $1.20 and $1.50 in the short term, as the market reacts to news and developments in the ongoing legal battle between Ripple Labs and the SEC.
- In the long term, XRP may reach $3.00 or higher, driven by its growing adoption and use cases, as well as the potential resolution of the legal battle with the SEC.
Overall, XRP’s current rally is a positive sign for the crypto market, and its price may continue to rise in the short term. However, investors should remain cautious and keep an eye on market developments and regulatory changes that may impact XRP’s price.
