XRP On Fire: Over 90% Weekly Growth Catapults Altcoin To Fresh 2-Year High
XRP peaked at $1.26, setting a new two-year high for the currency. The rise in XRP’s value comes as the rest of the cryptocurrency market anticipates some regulatory reforms in the United States, especially following the results of the U.S. election. and More than 90% profit Within seven days, XRP’s price increase has reignited investor excitement for the Ripple token.
On Friday, the cryptocurrency closed at $1.05, a monthly gain of 116%. In comparison, XRP was barely moving at $0.50 a week ago. While altcoins appear to be rebounding, Bitcoin’s recent surge above $93,000 may be helping improve overall market sentiment.
Google Trends data shows rising interest
As the price of XRP rises, so does the price Search interests. On Monday, Google Trends showed a popularity score of up to 100, a huge jump from just 8 eight days ago. This jump indicates a significant increase in public interest, likely spurred by XRP’s significant price movement and its return. Market capitalization ranks among the top.
Notably, XRP has regained its position above Dogecoin with a market valuation of nearly $65 billion. Cryptocurrency and other market watchers have noted the historic significance of XRP’s recent week’s close. Still, some traders remain cautious, noting that the coin may be overbought given that the relative strength index (RSI) peaked above 93.
#ripplecoin How high will the highest weekly closing price in two years go?
pic.twitter.com/BcoOWyt2Q1
— Cryptocurrency (@cryptoes_ta) November 18, 2024
Overcoming resistance and predictions
XRP’s price rise not only broke through psychological barriers, but also breached long-term resistance levels that had long kept the cryptocurrency’s price below $1. Analysts say this could open the door to further long-term growth. If market sentiment and trading volumes remain strong, the best prediction is that it will experience another uptick.
According to analysts’ optimistic short-term forecasts, prices are expected to rise by 14.35% next month. More optimistic is the one-year forecast, which predicts growth of 99%. Although these numbers show strong growth potential, the cryptocurrency must hold on to key support levels to prevent a sharp decline.
What’s next for XRP?
After a significant rise, XRP is currently trading at $1.14. Thanks to renewed enthusiasm and favorable macroeconomic conditions for digital assets, its ecosystem appears stronger than ever. However, traders should continue to exercise caution. Given that XRP’s RSI is at its highest level since 2017, a consolidation phase may be coming before another breakout occurs.
Long-term prospects emerge promisingbut the future direction may depend on market developments and Ripple’s ability to build on recent gains. Since cryptocurrencies can change momentum quickly, investors are watching the matter closely.
Featured image from MoneyCheck, chart from TradingView
