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coinpedia 2024-11-30 06:47:36

XRP Achieves a $100B Market Cap After 22% Rise in Just A Few Hours-New ATH at $5 is Loading

XRP Achieves a $100B Market Cap After 22% Rise in Just A Few Hours-New ATH at $5 is Loading

The post XRP Achieves a $100B Market Cap After 22% Rise in Just A Few Hours-New ATH at $5 is Loading appeared first on Coinpedia Fintech News The XRP price underwent a monstrous rally after rising by over 20% since the last trading day, reaching its highest price since 2018 at $1.9. This dramatic climb defines broader market trends, with daily trading volume jumping over $18 billion with a rise of over 160%, signalling investor interest. A couple of key drivers have triggered the massive rally, attracting huge liquidity. Regulatory Optimism—Rumors of SEC Chair Gary Gensler’s departure have fueled hopes for a more crypto-friendly approach. Ripple’s legal battle resolution could further bolster XRP. Institutional Confidance: Growing interest in XRP ETFs (like Bitwise’s rebranded Physical XRP ETP) indicates rising support from major investors. These external factors are expected to have a major impact over the XRP price rally, which could help the XRP price break new milestones. The token began to rise positively by separating from the general market. While many people claim huge price targets like $20 or $30 for XRP in the coming days, here’s why these possibilities are pretty low, as the token could reach a $2 trillion market cap, which appears to be pretty difficult considering the current market dynamics. The weekly chart of XRP shows the bulls are now poised to lift the price beyond the ATH at $3.84 in the coming days after rising above 2021 highs. The momentum of the rally remained in bullish favour since the beginning, which could intensify hereafter as the Gaussian channel just turned bullish since the second half of the month. However, the RSI raises some concerns, displaying the probability of a small pullback as it has reached the levels not attained since 2021 at around 89. Back in 2018, the RSI surged further to reach 95, which elevated the levels to a new ATH. Therefore, the price, which is trading between the pivotal range between $1.7 and $2.08 at 0.5 & 0.618 FIB resp, is expected to test the support before triggering a rise above the resistance. Once the bulls settle above the range, the price is expected to rise to 1 FIB at the highs and further maintain a strong rise to 1.2 FIB at $4.15, forming the peak of the prevailing bull run. However, an extended bull run may pave the way for higher targets at $5.2 and $6.4 as well. The growing fundamentals have also attracted major countries like India onto the platform. As per the Reserve Bank of India (RBI), the country’s digital rupee is taking shape with Ripple’s XRP ledger. The growing confidence of the authorities, institutions, bulls, and mainly the market participants is expected to back the XRP price rally, which aims to form new highs in 2025.

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