XRP Surpasses $1 for the First Time in 3 Years

XRP has climbed above the $1 threshold, reaching a price point not seen since 2021, according to CoinGecko. This marks a significant milestone for the cryptocurrency, which has faced considerable challenges and scrutiny over the years.

$XRP hits $1 for the first time since 2021 (3 years ago) pic.twitter.com/4UZW4QT9Sj

— CoinGecko (@coingecko) November 16, 2024

XRP Flips DOGE

As of November 16, XRP’s value is $1.02, reflecting a 26% increase within the last 24 hours. The surge has propelled XRP to overtake Dogecoin (DOGE) as the sixth-largest cryptocurrency by market capitalization. 

XRP now holds a market cap of $64.5 billion, surpassing DOGE’s $54.2 billion valuation.

The recent upswing in XRP’s price coincides with a broader rally in the cryptocurrency market. Analysts attribute the trend to heightened investor interest and favorable conditions spurred by Donald Trump’s victory in the U.S. presidential election. 

Market Analysts’ Perspectives

Ripple CEO Brad Garlinghouse recently highlighted XRP’s strong performance since election day, alongside other U.S.-linked assets like SOL and ADA. He attributed the rally to the market’s optimistic outlook, anticipating reduced regulatory challenges for U.S.-based crypto companies.

The optimism appears to align with market analysts’ technical observations. Experts are monitoring XRP’s price action, noting its approach to a critical level within a triangle pattern that has been forming since 2017. As per CoinTab’s report, a breakout from the pattern could mark XRP’s most significant rally since similar surges in 2013 and 2017.

Building on the analysis, crypto market strategist Armando Pantoja emphasized the historical significance of this pattern. He noted that XRP’s price jumped from just a few cents to over $3 during its last occurrence. Based on this, Pantoja projects a potential price surge ranging from $8 to $30, underscoring his optimistic outlook.

“This is your last change for XRP under $1,” he said.

Meanwhile, crypto analyst CoinsKid shared a weekly XRP/BTC chart on X, indicating a potential rally against Bitcoin. CoinsKid pointed out a “weekly bullish divergence” on the chart, suggesting that XRP’s downward trend may weaken and soon reverse.

With these developments, the crypto community keenly observes whether XRP can maintain its momentum and achieve further gains in the coming weeks.