- XRP Hits Three-Year High Weekly Close as Bullish Momentum Surges
XRP has reached a significant milestone, achieving its highest weekly close in three years amidst a wave of bullish momentum in the XRP Ledger ecosystem. The sixth-largest cryptocurrency by market cap surged an impressive 100% over the past week, breaking past the $1 price mark for the first time in years and securing a market cap above $65 billion.
A Record-Breaking Week for XRP
The surge in XRP’s price comes amid a broader crypto market consolidation following Bitcoin’s climb to $93,000. Despite the slowdown in other assets, XRP defied the trend, making it the top-performing cryptocurrency among the top 20 by market cap. XRP reached a weekly high of $1.26 on November 16 before closing at $1.0545, representing its most significant weekly close since 2021.
This bullish trajectory has also seen XRP reclaim its position above Dogecoin in the crypto rankings after briefly being overtaken earlier in the month.
Catalysts for the XRP Rally
The rally can be attributed to growing positive sentiment within the XRP Ledger (XRPL) ecosystem. Analysts point to strong macroeconomic factors and optimism surrounding Ripple’s ongoing legal battle with the SEC as drivers behind the surge. Barely a week ago, XRP traded around $0.50, showcasing limited movement despite a broader market uptrend. However, a combination of market confidence and technical breakthroughs helped propel the token past key resistance levels.
In addition to weekly gains, XRP’s monthly and yearly growth has soared to 116% and 97%, respectively, highlighting its robust performance.
Price Predictions: What’s Next for XRP?
As XRP gains momentum, analysts are speculating on its potential future targets. Market analyst Cryptoes noted the importance of XRP’s recent weekly close, fueling discussions on its trajectory.
#XRP Highest weekly close in 2 years | How high will it go? 🚀🌕 pic.twitter.com/BcoOWyt2Q1
— Cryptoes (@cryptoes_ta) November 18, 2024
Some forecasts are ambitious, with analyst Egrag setting a $17 target based on the “Bent Fork” theory. Another analyst, Steph, sees XRP reaching $14, citing the tightening of Bollinger Bands and the asset’s correlation with global liquidity trends.
Also Read: XRP Surges 25% to Break $1 Mark for the First Time Since 2021, Outpacing Dogecoin’s 80% Weekly Gain
More conservative predictions, including targets of $5, $8, and $11, suggest XRP’s upward movement could benefit from improving regulatory clarity in the U.S. and Ripple’s potential victory in its legal dispute with the SEC.
XRP’s recent breakout marks a pivotal moment for the asset, signaling renewed investor confidence and the potential for further price growth. As bullish sentiment continues to dominate, XRP holders and analysts alike are watching for the next big move, with many predicting new highs in the coming months.
At the time of writing, XRP is trading at $1.170, up 14% in the past 24 hours, reflecting its sustained upward momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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