XRP happens to fly high in today's market to retain its third position as the most valuable cryptocurrency for the time being, by market capitalization, changing hands at $140 billion managing to pip into that position the Tether USDT, along with Solana SOL for more growth. This is the first time the highly-traded token has drawn near to its $3.4 all-time high. Consequently, further action can be a thing of close watch to investors.
Key Takeaways
XRP Market Cap Milestone: XRP’s market cap has surged to $140 billion, solidifying its position as the third-largest crypto asset.
Political and Regulatory Boosts: Trump’s pro-crypto policies and SEC Chair Gensler’s resignation have fueled XRP’s rise.
RLUSD and Institutional Demand: Ripple’s RLUSD stablecoin and ETF applications add credibility and utility to XRP.
Technical Momentum: Strong bullish indicators suggest XRP could soon retest its ATH of $3.4.
XRP's Market Cap Hits $140 Billion for the First Time
XRP recently hit a market capitalization of $140 billion, launching it ahead of Tether and Solana. The token has increased almost 400% this month alone, with the token changing hands at around $2.3-26% in the last 24 hours. Quite a steep recovery it has been from the slump back in December 2020 because of the lawsuit filed against them by the SEC.
Today, only XRP has maintained its third position after Bitcoin and Ethereum and is confirming a broader uptrend. The action in Ripple is driven by optimism based on news related to regulation as well as by the market's confidence.
Catalysts Driving XRP Higher
Trump's Pro-Crypto Policies and Their Impact on XRP
The return of Donald Trump to the White House has breathed life into the hope for the crypto market. His regime is considered pro-crypto, hence more innovative and supportive to blockchain companies such as Ripple. This has given much confidence to the market and given XRP a very good platform on which to perform.
SEC Chair Resignation: A Game-Changer for Ripple?
XRP has seen a dramatic turn of events with the resignation of the SEC Chair Gary Gensler. Observers believe that the removal could finally translate to the dismissal or settlement of ongoing cases of Ripple against the SEC. According to analysts, this is one of the drivers toward some of the regulatory obstacles that kept XRP growth subdued for so long.
Ripple RLUSD Stablecoin and Institutional Interest
All this is peanuts compared to the growing interest in recent times for the imminent RLUSD stablecoin that shall be issued by Ripple-reportedly in consideration for endorsement from the New York Department of Financial Services, something said to be expected by December 4. That would have been a plus to the ecosystem and then onto XRP for the added utility and demand.
Meanwhile, XRP institutional interest went into overdrive as asset managers such as Bitwise and Canary Capital had filed with the SEC a number of approvals to list XRP ETFs-to give the token some much-needed credibility and further exposure to more investors.
XRP ETF Applications: Boon to Credibility?
The occurrence of the momentous event, if approved, would be that institutional investors pour in and contribute to its liquidity while strengthening its position among other top crypto assets.
Technical Analysis: Will XRP Reach Its Next ATH?
The price action of XRP reflects how strong the feeling is from its analysts, which project the retest of ATH at $3.4. In this regard, let's discuss all main factors that can make the above happen in more detail:
Key Resistance Levels to Watch
$2.70: The following key resistance for XRP is the price from its previous ATH during the 2021 bull market. A climb above it could position the asset in a place that enables it to head up to $3.4.
$3.4: This is the last target and represents the all-time high that took place last January 2018.
Momentum Indicators and Market Sentiment
RSI: The RSI of XRP firmly lies within the bullish zone, highlighting high buying pressure of the token.
Moving Averages: The token is comfortably above its 50-day and 200-day moving averages, which tend to suggest that the upwards momentum may be sustained.
MACD: A bullish cross on the MACD further favors more gains in the token. What to Expect from XRP
Everything put together points toward a mix of factors for the course: resolution of legal issues around XRP, successful RLUSD launch, and general market conditions. The token does have some risk linked to regulatory uncertainty and attendant volatilities, underlined recently to be resilient and better placed for further upside.
Conclusion: Is $3.4 on the Horizon for XRP?
This was because all factors, from political change to the latest regulatory developments, combined to bring about this impressive rally of XRP. The higher it climbs, the more reachable the ATH of $3.4 gets. With solid market fundamentals and a growing interest from institutional investors in the digital asset, XRP is well-positioned and ready to take advantage of the evolving crypto landscape.
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