thecryptobasic.com
Amid a sustained uptrend, XRP has finally claimed the dollar mark for the first time in nearly three years, with market participants anticipating its next move.
XRP had a slow start to the ongoing phase of the bull run, which began on the back of the Donald Trump victory in the U.S. presidential election nearly two weeks ago. While Bitcoin claimed new all-time highs days after the election victory, XRP struggled to maintain the $0.57 price level.
XRP Finally Clinches $1
This underperformance triggered panic, with some investors expressing concerns that the altcoin might also miss out on this bull run. However, XRP began its uptrend this week, breaking above the $0.60 level on Monday, and leveraging this territory to engineer more substantial surges.
The token sustained this upsurge, with a mild pullback on Nov. 13 that saw it drop 1.94%. A resumption of the rally allowed it to reclaim the psychological levels at $0.70, $0.80 and $0.90 on Nov. 14 and 15. Now, XRP has officially clinched the much-coveted $1 price after spiking 14.72% today.
The last time XRP saw this price was in December 2021, as it dropped from the $1.96 peak in April of that year. Several analysts have suggested that the $1 mark represents the launchpad that XRP needs to aim for further growth toward its ATH of $3.31.
What Next?
At press time, XRP now changes hands at $1.0209. The token needs to push toward the $1.2 region to solidify its position above the $1 mark. However, with its Commodity Channel Index currently at 252.23, XRP could face a slight pullback before the bullish momentum resumes.
Should this occur, the $1.018 level could serve as the immediate support level above $1. XRP needs to hold above this zone to hedge against any drops below $1. Below this, the Fibonacci 0.786 region at $0.9047 and the upper Bollinger Band support at $0.8854 would serve as the next lines of defense.
However, if the bulls sustain the upward push, XRP’s next target could be the 1.618 Fibonacci level at $1.3457. Should the token breach this area, it could come face to face with the $1.87 price around Fibonacci 2.618. Beyond this, XRP eyes the $2.4 price, climbing toward its ATH. XRP would need to rise 135% to reach $2.4.
Meanwhile, the recent rally has allowed XRP to claim a $59 billion market cap, currently seeking to reach the $60 billion mark. The asset has now surpassed Dogecoin (DOGE) to become the sixth-largest crypto asset, with 26.69% increase over the past 24 hours.