XRP continued its strong bullish momentum, reaching a high of $0.6985, its highest level since March 14.
Ripple (XRP) rallied for four consecutive days amid widespread optimism in the crypto industry. At its peak, the token was up over 80% from its lowest level this year.
The surge coincided with a broad cryptocurrency rally, pushing the total market cap of all coins past $3 trillion for the first time since 2021. Bitcoin (BTC) approached $90,000, with analysts predicting it could hit $100,000 soon.
Rippleโs rally is largely attributed to Donald Trumpโs recent election, which could potentially ease some of the networkโs legal issues. Trump has pledged to replace Gary Gensler with a crypto-friendly regulator. As a result, the agency could potentially withdraw its appeal on a court ruling from October.
The end of Rippleโs legal battle with the SEC could accelerate the networkโs growth, enabling deals with financial services companies like banks and money transfer firms.
Additionally, a new SEC may be more inclined to approve spot XRP ETFs, potentially as soon as the first half of next year.
XRPโs price has also surged following developersโ hints about an upcoming dirham stablecoin. This launch would follow Rippleโs RLUSD stablecoin, backed 1:1 by the US dollar and overseen by U.S. regulators.
Meanwhile, XRPโs futures open interest crossed the $1 billion mark for the first time since Sept. 30, indicating growing demand. Data from CoinCarp shows that the number of XRP holders has risen gradually to over 4.8 million.
XRP price forms a golden cross
The daily chart shows that XRP has staged a strong comeback, retesting its highest level since March 14. It briefly rose above the key resistance level at $0.6655, its peak on September 29.
Notably, XRP has formed a golden cross, with the 200-day and 50-day Exponential Moving Averages forming a bullish crossover. The token also displays a highly bullish cup and handle pattern.
Therefore, the XRP price is likely to continue rising, with bulls targeting the key resistance level at $1, a 56% increase from the current level. This view will be invalidated if the price drops below $0.60.
