XRP Makes A Strong 20% Surge, Pushing Past BNB To Become 5th Largest Crypto
XRP surged more than 20% on Friday, outperforming leading digital assets such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). This growth has propelled XRP to become the fifth largest cryptocurrency by market capitalization, now exceeding $107 billion.
As of the latest trading data, XRP price is $1.87, with a rise of 99% in the past two weeks. This performance puts XRP in Market valuesignaling a resurgence of investor interest.
XRP escapes three-year stagnation
The recent rise marks a significant turnaround for XRP, which has been consolidating between $0.30 and $0.60 for nearly three years.
This period of stagnation is largely due to the end of the bull market in 2021 and the ongoing legal battle between the two parties Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
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The U.S. Securities and Exchange Commission’s classification of XRP as an “unregistered security” has created a lot of uncertainty for investors, especially in the United States, which has impacted the token’s market performance.
However, recent political developments in the United States have given cryptocurrency investors renewed confidence.
The following donald trump’s victory On November 5, he defeated current Vice President Kamala Harris, and the cryptocurrency market saw a significant recovery. Bitcoin, in particular, has led this recovery with a record high of $99,540.
Optimism was further fueled by Trump’s election promise to overhaul the regulatory framework, including firing SEC Chairman Gary Gensler on his first day in office.
Gensler has Announce His departure on January 20 coincided with the presidential inauguration, raising hopes that Ripple’s long-running legal dispute with the SEC might soon be resolved.
This potential solution could pave the way for increased investment in XRP and the introduction of new investment products, such as exchange-traded funds (ETFs) focused on the token, for which several asset managers have already submitted applications.
New price targets and support levels
In terms of technical analysis, cryptocurrency analyst DarkDefender noted that XRP has successfully broken through the key resistance level of $1.44.
Following the recent upward trend of the fifth largest coin on the market, DarkDefender Overview New targets for XRP include $3.4176 and $11.3233, while historical targets of $5.85 and $18.22 are also revisited. Additionally, analysts highlighted new support levels at $1.44, $1.28, $1.14, and $1.03.
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4 hour chart express XRP’s new market structure is expected to reach $2.13 before any potential correction. On this time frame, new resistance levels are identified at $4.11 and $6.42, in line with the primary target of $5.85 following an expected break above $1.88.
Featured images from DALL-E, charts from TradingView.com
