XRP Keeps Climbing With $7 Billion in Volume – How Soon Until It Hits a New High?
XRP has reached a remarkable milestone with over $7 billion in trading volume, surging to a new 2024 high of $0.867, fueled by market optimism and speculation about regulatory changes.
XRP, the seventh-largest cryptocurrency by market capitalization, reached a major milestone for holders as it surged to a new 2024 high of $0.867 with over $7 billion in volume on November 14.
The 16% jump within just one day has propelled XRP to number 7 on the leaderboard among the top 100 tokens listed on CoinGecko.
It has outperformed competitors such as Hedera (HBAR) and Stellar (XLM), which recorded 9.5% and 6% gains, respectively.
Growing speculation about U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s anticipated resignation is fueling this surge.
A major shift in leadership at the SEC could support a more favorable regulatory environment for cryptocurrencies, particularly XRP, which has long been mired in a contentious legal battle with the commission.
XRP’s $7 Billion Volume: Is XRP set for $1 Capture?
XRP’s price action paints a picture of resilience and bullish momentum underpinned by solid technical indicators.
The token recently broke through a critical resistance level at $0.720, establishing a sturdy support zone around $0.740.
Currently trading above its 100-hourly Simple Moving Average of $0.65726 and a bullish trend line. The chart signals strong buying interest and confidence among traders.
The Relative Strength Index (RSI) also hovers near 62, indicating strong bullish momentum but teetering on overbought territory.
While this suggests sustained demand, it also warrants caution as some traders may begin to secure profits.
Adding to the bullish sentiment, the Moving Average Convergence Divergence (MACD) indicator firmly stays in the positive zone, further reinforcing buyers’ dominance.
Resistance levels are crucial in determining XRP’s next move. If the token clears immediate resistance at $0.8450, it could accelerate toward targets of $0.900, with subsequent hurdles at $0.8880, $0.9250, and $0.9550.
Analysts predict XRP may even break the psychological $1 mark if bullish momentum prevails.
Conversely, failure to sustain above key support levels at $0.800 or $0.7550 could trigger a pullback, with XRP potentially revisiting $0.740 or even testing important support at $0.7240.
Despite these risks, market sentiment continues to be cautiously optimistic.
According to Defend Dark, a crypto analyst, he noticed a potential “bull flag” pattern forming on XRP’s daily chart, further exciting traders.
This pattern, indicative of continuing bullish trends following consolidation, suggests XRP could soon break out, targeting price levels as high as $1.03 within the week.
Adding to this optimism are rumors causing the surge of a crypto-friendly regulatory shift under a potential Trump administration, which is highly anticipated to provide a favorable backdrop for Ripple and its associated token.
