As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen countless bull and bear runs, and the current XRP surge is one that catches my attention. The recent price action has been nothing short of spectacular, with XRP flipping Binance Coin to become the fifth-largest cryptocurrency by market cap.
TL;DR
- XRP’s market cap hit $96.5B, with analysts predicting potential highs of $10 – $13 if momentum continues.
- Nonetheless, the token’s RSI at 72 suggests it may face a short-term pullback.
In the last four weeks, Ripple‘s XRP has been the subject of much discussion, experiencing a surge in value by more than double, reaching nearly $1.70 today (November 29), marking a three-year high.
The market value of XRP surged to $96.5 billion, thereby overtaking Binance Coin (BNB) in terms of size. At present, XRP ranks fifth among all cryptocurrencies, with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL) ahead of it in the market cap ranking.
Unsurprisingly, the rally in XRP has sparked immense excitement within the XRP community and among prominent analysts. Mikybull Crypto anticipates a cycle top of $10 if the price exceeds $2, while Cryptoinsightuk is even more optimistic, suggesting that XRP might reach over $13 in the short term.
According to a recent report from CryptoPotato, numerous factors may have contributed to the price surge. For instance, Gary Gensler’s departure as Chairman of the US SEC and heightened speculation about the upcoming launch of Ripple’s stablecoin stand out as possibilities.
Despite the overall optimism, one on-chain metric suggests that XRP might experience a correction in the short run. This is the Relative Strength Index (RSI), which measures the speed and change of price movements.
As a crypto investor, I keep an eye on a particular indicator that ranges from 0 to 100. Ratios above 70 suggest the asset has entered an overbought territory, which could mean it might start trending downwards soon. On the flip side, readings below 30 are considered a potential buying opportunity.
Currently, XRP’s RSI is in the bearish zone of approximately 72.
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2024-11-29 18:16