As an analyst with over two decades of experience in the financial markets, I have witnessed the ebb and flow of countless trends and cycles. The recent surge in XRP‘s price has caught my attention, particularly given its potential to emulate Dogecoin’s rally.
TL;DR
- XRP saw strong gains in the last 24 hours, with analysts suggesting it could follow Dogecoin’s recent rally toward higher targets.
- The SEC lawsuit adds uncertainty to the asset’s performance, but Trump’s win has raised hopes for drastic changes at the regulator.
XRP to Cope DOGE’s Rally?
On November 12, several prominent cryptocurrencies experienced new daily growth, with Ripple‘s XRP being one of the top performers. Its price soared by nearly 9% over the past 24 hours, reaching an eight-month peak of $0.67 before settling around $0.64, according to data from CoinGecko.
Based on observations from various market analysts, it’s anticipated that XRP could see a significant surge in value, much like other popular altcoins currently making headlines.
User Mikybull Crypto posits that the asset might mirror Dogecoin’s (DOGE) significant price increase, aiming for a value of $2. Notably, the most popular meme coin has experienced a remarkable 260% growth over the past month, hitting a three-year peak above $0.44. At the time of writing, it is trading just slightly below this level.
Cryptoinsightuk expressed a comparable viewpoint, forecasting that XRP could follow the price trajectory of DOGE and ADA. The analyst proposed, “I truly believe XRP will surpass $0.66, reaching over $1. Potential resistance might be encountered around $1.28.
The analyst, who has been closely monitoring XRP’s price changes and has previously made optimistic predictions over the past few months, also added his insights. He asserted that the significant resistance level of $0.6044 is no longer relevant, suggesting that the price is now trending towards its next goal of $0.6649.
Last month, Dark Defender declared, “Later on, we reached an exceptionally high point of $0.6649. To emphasize its significance, we bolded that figure, indicating it’s the peak among all! When XRP surpasses this level, whether it be in a day, a week, or even a month, then we can expect significant advancements.
Ripple’s Legal Troubles
A significant factor that may have slowed down XRP’s surge along with the recent rally in the cryptocurrency market could be the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission. This case originated in 2020, with the SEC appealing a decision made by Federal Judge Torres in 2023, which has prolonged the legal battle and added to the uncertainty among investors.
Yet, Donald Trump’s presidency might be seen as positive news for the XRP community. Given that he pledged to dismiss the SEC’s Chair on his first day in office, the community may find solace in a potential successor who is more receptive to innovation. The SEC and its leader have initiated numerous lawsuits against crypto businesses, which has been a source of concern for many.
It remains to be seen if the Republican will indeed keep his word regarding crypto. Last week, Fox Business journalist Eleanor Terrett mentioned that she spoke about this issue with an individual connected to the Trump transition team, who indicated that the future chairman would be in favor of cryptocurrency.
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2024-11-12 23:04