XRP Reaches $1, Increases 75% This Week – Aims for New Peaks in 2024

XRP has reached $1.04, reflecting a 15% rise over the last 24 hours and a 75% increase this week, accompanied by a trading volume of $15 billion. This upswing is attributed to speculation regarding SEC Chair Gary Gensler’s possible resignation and Ripple’s recent advancements in legal matters.

Gensler, recognized for his stringent approach to cryptocurrencies, suggested during a speech reflecting on his time in office that he might step down, igniting hopes for a more favorable SEC leadership regarding cryptocurrencies.

Ripple also achieved a partial legal victory as a U.S. judge suspended certain claims in its case against the SEC, indicating progress toward a positive resolution. Should Gensler resign, the SEC may withdraw its appeal, further bolstering Ripple’s position.

BREAKING: Gary Gensler issues a statement suggesting resignation as SEC Chair
SEND IT! pic.twitter.com/v8cw1xViQh

— Radar (@RadarHits) November 14, 2024

With the forthcoming Trump administration indicating support for cryptocurrency innovation and clearer regulations, XRP stands to benefit from potential developments such as crypto ETF approvals. These factors create an optimistic outlook for XRP’s future trajectory.

Whale Accumulation Fuels XRP’s Rally

Significant XRP holders, often referred to as whale and shark wallets, are propelling the bullish trend. These wallets currently possess 45.61 billion XRP tokens—the highest accumulation since June 2018.

Wallets containing at least 1M XRP now hold a total of 45.61B tokens, their highest amount since June 2018. Over the past two years, whales and sharks have reversed their strategy and accumulated an additional 3.44B XRP, representing an +8.16% increase. Traders have experienced a +40% return in the last week. pic.twitter.com/nzYNU3CJyW

— Santiment (@santimentfeed) November 14, 2024

In the last two years, these investors have increased their holdings by 3.44 billion XRP, indicating strong confidence in the cryptocurrency’s prospects.

The growing accumulation has contributed to XRP’s impressive 40% return over the past week, reaffirming the market’s renewed interest.

$XRP
The train has left already
Expect a massive rally to a new ath from now till March 2025. pic.twitter.com/tmQ4bkWv3U

— Mikybull Crypto (@MikybullCrypto) November 15, 2024

Prominent figures in the cryptocurrency sector, such as @MikybullCrypto, are predicting further rallies, with expectations of XRP achieving new all-time highs by March 2025.

XRP Price Prediction: XRP Climbs 75% to $1, Aiming for $1.16

XRP has emerged from a multi-month symmetrical triangle on the weekly chart, surpassing its $0.6250 resistance level.

This bullish breakout, supported by a strong engulfing candle, has propelled XRP above the $1 mark—a crucial psychological level indicating increasing upward momentum.

XRP Price Prediction:
XRP surges 75% this week, breaking $1 with bullish momentum!
Targeting $1.16, $1.41, and $1.69, with RSI confirming buying pressure. pic.twitter.com/E4pIZbpMLw

— Arslan Ali (@forex_arslan) November 16, 2024

The breakout suggests potential for further gains, with immediate resistance identified at $1.16. A continued rally could see XRP testing $1.41 and $1.69, consistent with Fibonacci extension levels.

On the downside, support is observed at $0.95, with stronger levels at $0.74 and $0.62 providing a buffer against any declines.

Technical indicators support this bullish outlook. The RSI has risen to 76.37, indicating increased buying interest, although caution is advised at these elevated levels.

Moreover, the 50-day EMA, currently at $0.6250, has become solid support, further confirming the breakout.

XRP’s movement above $1, along with the symmetrical triangle breakout, indicates sustained bullish momentum. A hold above $1.16 could facilitate a rise to $1.41 and $1.69, while any pullbacks toward $0.95 may act as consolidation before another upward move.

Conclusion

XRP’s rise above $1 has garnered market attention, driven by both technical and fundamental factors. Speculation regarding SEC Chair Gensler’s resignation and Ripple’s legal progress have boosted confidence.

Furthermore, whale accumulation highlights ongoing interest in XRP as a long-term investment. With resistance levels at $1.16 and $1.41 in view, XRP seems positioned for additional gains, although traders should remain vigilant for overbought conditions in the near term.

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