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XRP is surging towards $1, with analysts predicting it could hit the milestone soon, driven by bullish momentum and growing market confidence.
Last night, XRP broke into the $0.80 region while Bitcoin’s bull run cooled. Specifically, XRP’s price rose from an intraday low of $0.6844 to as high as $0.8452, marking a one-day gain of 23.5%.
At press time, while the broader crypto market is bearish, XRP remains surprisingly strong. While Bitcoin is down 3% and Ethereum has dropped 5%, XRP is defending the gains it accrued on Thursday and trading above the $0.80 price level.
Notably, XRP last traded above $0.80 in July 2023 when it triumphed in the SEC lawsuit. Thursday’s impressive price movement built on the momentum from earlier this week, when XRP first reclaimed the $0.70 level, faced resistance at the $0.75 mark twice, and subsequently retraced.
Now, XRP has overcome the $0.75 resistance and is aiming for the long-awaited $1 threshold.
When Will XRP Break $1 at This Pace?
Given that XRP has been bullish for most of this week, market participants are confident that XRP will reclaim $1 before the week runs out.
According to popular crypto commentator “Crypto Assets Guy,” if XRP continues its current pace, it could surpass the $1 mark in less than 24 hours.
He believes that whales from other chains are finally joining XRP, expressing optimism that this could be the beginning of massive adoption of the XRP Ledger (XRPL). He disclosed that he is accumulating XRP and meme coins in anticipation of a flood of capital entering the XRPL ecosystem shortly.
Other market watchers, like Edo Farina, have also expressed optimism that XRP could hit the $1 price point before the end of today.
Some analysts believe that once XRP surpasses $1, it could trigger FOMO, convincing more people to invest in the once-underperforming crypto asset. This could lead to even more buying pressure and push XRP higher.
Some analysts have even speculated that after overcoming the $1 resistance, XRP could begin its journey toward $10.
Likely Reasons Behind XRP’s Pump
The latest XRP bull run coincides with a recent statement from SEC Chairman Gary Gensler, in which he made a subtle but telling hint at his potential departure from the agency.
In his speech, Gensler took a notably reflective tone, particularly in his closing remarks, where he expressed deep gratitude for his time at the SEC and acknowledged the honor of serving alongside the agency’s dedicated staff.
Interestingly, U.S. President-elect Donald Trump has vowed to fire Gensler from his first days in office. Gensler’s recent statements subtly hint that this could become a reality. However, this remains unconfirmed at press time.