XRP recently experienced a significant surge, climbing over 20% and outperforming notable digital assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This impressive increase has catapulted XRP to the position of the fifth-largest cryptocurrency by market capitalization, surpassing $107 billion.
According to the most recent trading data, XRP is valued at $1.87, showcasing a staggering 99% increase over the past two weeks. This remarkable performance has enabled XRP to surpass Binance Coin (BNB) in terms of market capitalization, indicating a revival of investor interest.
XRP Breaks Free From Three-Year Stagnation
The recent rally signifies a major shift for XRP, which had been trading in a narrow range between $0.30 and $0.60 for nearly three years. This prolonged period of stagnation was primarily due to the conclusion of the 2021 bull run and the ongoing legal battle involving Ripple Labs and the US Securities and Exchange Commission (SEC).
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The SEC’s classification of XRP as an “unregistered security” has created considerable uncertainty for investors, especially within the United States, impacting the token’s market performance. However, recent political changes in the US have instilled a renewed sense of optimism among crypto investors.
Following Donald Trump’s victory on November 5, where he defeated current Vice President Kamala Harris, the cryptocurrency market witnessed a robust recovery. Bitcoin, in particular, achieved a new all-time high of $99,540, spearheading this resurgence.
Trump’s campaign promises to reform regulatory frameworks, including the immediate dismissal of SEC Chair Gary Gensler upon taking office, have further fueled positive sentiments. Gensler has announced his departure from the agency effective January 20, coinciding with the presidential inauguration, raising hopes that the prolonged legal dispute between Ripple and the SEC may soon reach a resolution.
This potential settlement could open avenues for increased investment in XRP and the development of new investment products, such as exchange-traded funds (ETFs) focused on the token, with numerous asset managers already submitting applications.
New Price Targets and Support Levels
In terms of technical analysis, crypto analyst DarkDefender has observed that XRP has successfully breached a critical resistance level at $1.44. With the recent upward trajectory of the fifth-largest token in the market, DarkDefender has outlined new targets for XRP, including $3.4176 and $11.3233, while also revisiting historical targets of $5.85 and $18.22.
Moreover, the analyst identified new support levels at $1.44, $1.28, $1.14, and $1.03, providing a clearer picture of XRP’s potential market movements.
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The 4-hour chart suggests a new market structure for XRP, with expectations of reaching $2.13 before any potential corrections. New resistance levels are identified at $4.11 and $6.42 within this timeframe, aligning with the primary target of $5.85 following the anticipated move above $1.88.
On the daily chart, XRP’s price continues to trend upwards, signaling ongoing bullish momentum and potential for further growth in the cryptocurrency market.
