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The ongoing bull market rally has favored XRP in more ways than most rival altcoins. As of writing, its price has jumped by 15.63% in the past 24 hours to $1.882. This price valuation has pushed its overall market cap above the $100 billion milestone. Specifically, XRP is now the fifth largest digital currency, with a market capitalization of $107.27 billion.
XRP price to $2?
From a 52-week low of $0.3911, the price of XRP has jumped to a high of $1.94. The blowout started about three weeks ago when the coin breached the $0.6 resistance level. Since then, it has remained unstoppable, setting the highest high since 2018.
Alex DovbnyaCrucial on-chain technical indicators show the XRP price is overheated, with the Relative Strength Index (RSI) pegged at 90.
While this naturally signals overbought conditions and potential correction, the XRP ecosystem is largely overhyped. The trading volume is up 130% to $18.86 billion, indicating unending buying activity in the market.
Given the market conditions, top analysts are calling for a $2 price top for XRP, as the coin has decoupled from the price of Bitcoin. The coin’s growth is soaring faster than that of Bitcoin, implying a breach of the $2 mark is feasible in the short term.
Beating historical trends
The price of XRP is known always to record a massive blowout in November. The coin is ending this month as the second-best per-price growth since 2013, with a combined rally of 270%. Only November 2013 had a higher growth rate of 531%.
The growth of XRP was compounded when Gary Gensler dropped his resignation notice as chairman of the U.S. SEC. With his departure, the XRP lawsuit might finally end.
Godfrey BenjaminRipple Labs is also making a major move to expand the overall utility of XRP with the development of XRP Ledger (XRPL).
In addition, the hype around the potential launch of the RLUSD stablecoin is drawing impressive hype to XRP, helping to cement its growth.
Dan Burgin
Yuri Molchan
Vladislav Sopov