thecoinrepublic.com
Investors have taken keen interest in XRP after it hit $0.61 recently. This rise has in turn led to revived expectations of another surge similar to the spike it recorded in 2017 to a high of $3.84.
This positivity is due to several factors including possible enhancements in legal aspects in the US and future filings for an ETF. Ripple’s administration and the entire crypto space have pointed out potential progress that may fuel the demand for their crypto.
Notably, Ripple CEO Brad Garlinghouse stated earlier that XRP was the “second most valuable digital asset”, which helps explain many factors that have shaped the journey.
Market participants are closely observing if these circumstances can help XRP restore its previous status and compete with other major assets in the market.
Technical Analysis Points to Key Resistance Level
Additional gains for XRP could very much depend on its performance at maintaining new vital levels of resistance. According to technical experts, the XRP price must remain above $0.6649 to move closer to the $1 mark.
According to CoinGlass data, Futures Open Interest has surged 17% to over 1 billion with higher trading volume. This implies that there is still stable investor activity.
More so, market analyst Dark Defender hinted at a Bitcoin-led market surge in November with the rest of the broader market to follow.
Technically, such an uptrend opens the stage for XRP to move past certain levels of resistance and even triumph over them. The analyst believes that XRP can easily reach the $1 mark if it sustains movement above $0.6649.
Anticipation for Regulatory Changes Boosts Sentiment
Furthermore, possibilities of changes inside the regulatory environment have inspired hope among the community. According to observations from market analysts, the decisions made after the U.S. presidential election may have a major impact on the world of crypto regulation.
Donald Trump’s re-election has triggered discussions on regulation changes in the SEC. Current SEC chair, Gary Gensler, considered very strict, particularly regarding cryptocurrencies, will leave the position as earlier noted by Donald Trump.
The anticipated change in regulation by the SEC has fostered an optimistic outlook. Some think that reforms will lead to favorable legislation for the crypto sector.
Consequently, this will open up opportunities in assets such as XRP which have been under regulatory crackdowns. The Ripple-SEC lawsuit remains another significant factor tied to the crypto’s price fluctuations and could also gain new momentum if regulatory agencies shift their stance.
XRP ETF Speculation Sparks Investor Interest
In addition, one of the other reasons that created high expectations regarding XRP is the expectation of the ETF filings for various digital assets.
Nate Geraci from the ETF Store suggests that XRP, Solana, and Cardano ETFs may be filed soon, with multiple applications likely in the future. This increased institutional interest may drive greater liquidity and stability, supporting XRP adoption and enhancing its value.
At press time, XRP is trading at $0.648, reflecting an 11% increase in the last 24 hours. The market cap stands at $36.85 billion, up 11.60%, while the 24-hour trading volume surged by 115.64% to $8.14 billion. This price boost signals strong market interest as analysts predict a potential rally to $1.