XRP peaked to $1.26, marking a new two-year-high for the coin. The uplift in the value of XRP has happened at a time when the rest of the cryptocurrency market anticipates some regulatory overhauls in the US, and more so after the results of the US elections. With over 90% gains within seven days, XRP’s price rally has brought back the excitement of investors towards the Ripple token.
Last Friday, the cryptocurrency closed at $1.05, a whopping 116% monthly increase. For comparison, XRP was barely moving at $0.50 a week ago. Although the altcoin appears to be making a rebound, Bitcoin’s recent spike above $93,000 probably contributed to an improvement in market mood overall.
Google Trends Data Indicates Increasing Interest
As XRP’s price has increased, so too has search interest. On Monday, Google Trends displays a peak popularity score of 100, a huge increase from just eight days earlier when it was only 8. This jump indicates a significant increase in public interest, which was probably spurred by XRP’s remarkable price movement and its return to the top market capitalization rankings.
Remarkably, XRP has regained its position above Dogecoin with a market valuation of almost $65 billion. Cryptoes and other market observers have noted the historical significance of XRP’s most recent weekly closure. Nonetheless, some traders are wary, pointing out that the token may be overbought given the relative strength index (RSI) peaking above 93.
#XRP Highest weekly close in 2 years | How high will it go?
— Cryptoes (@cryptoes_ta) November 18, 2024
Overcoming Resistance And Forecasts
More than just pushing through the psychological barrier, the price rise of XRP also broke through long-standing resistance levels that had placed the price of this cryptocurrency below $1 for so long. Analysts say this might open a door for further long-term growth. If market sentiment and trading volume remain strong, the best forecasts hold it would experience another upswing.
The price is expected to rise 14.35% during the following month, according to analysts’ optimistic short-term projections. Even more optimistic is the one-year projection, which predicts a 99% increase. Even while these numbers show strong growth potential, the cryptocurrency must hold onto crucial support levels to prevent steep declines.
What’s Next For XRP?
After a sharp increase, XRP is currently trading at $1.14. Thanks to rekindled enthusiasm and macroeconomic conditions that favor digital assets, its ecosystem seems 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 imminent before another breakthrough takes place.
Long-term outlooks appear promising, but the way forward will probably rely on market developments and Ripple’s capacity to build on its recent gains. Because cryptocurrency may change momentum quickly, investors are keeping a careful eye on things.
Featured image from MoneyCheck, chart from TradingView
Source: https://www.newsbtc.com/news/xrp-on-fire-over-90-weekly-growth-catapults-altcoin-to-fresh-2-year-high/