XRP has seen a sharp increase in value, especially since Donald Trump won the U.S. election in November. XRP’s price started rising rapidly after rumors that Ripple’s CEO, Brad Garlinghouse, met with Trump personally. The latest rally was triggered by news that SEC Chairman Gary Gensler would be stepping down.
Ripple settled its case with the SEC over the summer, but the SEC recently appealed the decision. While this appeal is unlikely to change the fact that XRP is not considered a security, the ongoing legal battle may still cause occasional setbacks for XRP.
Looking at XRP’s weekly chart, there have been five consecutive weeks of upward movement. XRP surged from $0.50 to nearly $3 in a short period. This strength signals that the trend could continue into the rest of 2024 and 2025.
At this point, XRP’s breakout is significant. According to pseudonymous analyst Steph is Crypto, if you’re thinking about buying XRP at $2.60, this could be a great move if you’re aiming for long-term gains in the bull run. He said that the technical target for XRP is $30 for this cycle.
The analyst said that according to the Fibonacci extension tool, XRP could target $5 first, and then higher resistance levels like $10, $15, and eventually $30 or more. The first resistance point to watch is $3.30 (from the 2018 high), followed by the $5 range.
When compared to Bitcoin, XRP remains undervalued. Recently, XRP outperformed Bitcoin by 300%, and further gains are expected as it approaches key resistance levels. A breakout could lead to a 51% increase against Bitcoin, which could drive XRP’s price even higher.
Bitcoin dominance has been rising since September 2022 but recently broke down. A drop in Bitcoin dominance could signal the start of an altcoin season, which bodes well for XRP. If Bitcoin dominance drops further, altcoins like XRP could see more gains.
XRP might reach a high of $3.99 or an average of $3.07.
At the time of writing, the price of 1 XRP token was $2.41
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