CandleFocus Will XRP Break $3 and Reach Its All-Time High Soon?
2024-11-30
Author: Content Editor
The price of Ripple's native cryptocurrency, XRP, has surged by over 19% in the past 24 hours, reaching an intraday high of $1.94. This has propelled XRP's market cap to $109 billion, surpassing Binance's BNB to secure the 5th spot in the crypto rankings. The surge is attributed to speculation surrounding Ripple's upcoming RLUSD stablecoin, with rumors suggesting regulatory approval could be granted in December. Additionally, expectations for an XRP Exchange-Traded Fund (ETF) gaining approval by 2025 have also fueled the rally. Technical analysis suggests XRP is in its third wave of a bullish rally, with $1.95 seen as a crucial resistance level. The price is currently trading at $1.92, signaling a strong bullish trend. However, an RSI of 83 indicates overbought conditions. XRP's next support level is around $1.75, and a break below this could lead to further consolidation or movement towards lower support levels. Despite this, the potential for XRP to reach the $2-$5 range in the future is widely discussed.
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