finbold.com
After an extended period of consolidation below the $0.60 mark, XRP is signaling a potential breakout, with the token now eyeing the elusive $1 milestone.
The current momentum is much welcomed, especially considering critics had labeled XRP ‘dead’ after it failed to rally alongside the broader market in previous cycles.
Notably, XRP is capitalizing on the ongoing market breakout, trading at $0.89 as of press time, representing a significant 20% rally in the past 24 hours.
Over the past week, the token has surged nearly 60%, driven by increasing buying pressure that has pushed its market cap close to the $50 billion mark.
Is XRP finally set for $1
Now, some analysts suggest XRP’s long-awaited seven-year breakout might finally be here. In an X post on November 15, a trading expert with the pseudonym Market Maestro highlighted that XRP is displaying all the signs of a breakout following years of consolidation.
XRP has traded within a massive wedge pattern for nearly a decade, confined by a downward-sloping resistance line and an ascending support line.
After prolonged price compression, the token has breached the critical resistance at $0.76, opening the door to a potential rally toward $1.
Other indicators, such as the relative strength index (RSI) and whale accumulation, further support the bullish potential, suggesting that the breakout has been validated.
Additional optimism comes from crypto trading analyst Mikybull Crypto, who predicted that XRP is primed for a powerful rally, possibly culminating in an all-time high by March 2025.
Following the latest price movement, he noted that ‘the train has already left the station.’ The token’s apparent breakout from a prolonged consolidation phase bolsters his outlook.
Besides benefiting from the general market movement, XRP has been boosted by several asset-specific developments.
XRP fundamentals
The sentiment around XRP improved significantly following its listing on Robinhood on November 13. Additionally, there is growing anticipation of a more crypto-friendly regulatory environment in the United States, driven by Donald Trump’s election.
Trump is widely expected to replace SEC Chair Gary Gensler with a more pro-crypto figure. Under Gensler’s leadership, the SEC initiated legal proceedings against Ripple, contributing to XRP’s prolonged underperformance.
In a positive turn for Ripple, the company and its CEO, Brad Garlinghouse, secured a crucial victory in a class-action lawsuit. Judge Phyllis Hamilton granted a final judgment on settled claims while pausing the remaining unsettled claims, expediting the lawsuit’s timeline, and setting a trial date for January 21, 2025. This development is bullish for XRP, as it could eliminate legal uncertainties, paving the way for further growth.
Meanwhile, speculation has risen about XRP’s future following reports of a possible meeting between Ripple and Trump. The incoming administration is reportedly considering fulfilling its promises to the crypto sector, which could further boost XRP’s prospects.
In conclusion, XRP’s strong momentum, positive legal outcomes, and favorable market conditions suggest it may soon experience significant growth and potentially reach new highs.
Featured image via Shutterstock