XRP is on the verge of another milestone following its most recent breakout. Following the previous day’s performance, the bulls continued the surge, which saw them climb to a new high.
The altcoin currently trades at $1.70 after it faced massive rejections to its bid at the $1.80 barrier. It started the day at $1.54 and shot up due to a spike in buying pressure. The asset is up by over 11% despite its correction.
Its most recent price action marks the third consecutive day of significant upticks. It had a similar move during the previous intraday session, surging after retesting $1.40. XRP faced massive rejections at $1.54 but closed with gains exceeding 4%.
The altcoin was very volatile on Wednesday, dropping from $1.39 to a low of $1.35 before rebounding. Nonetheless, it recovered, tested the $1.50 barrier, and faced strong rejection following a brief breakout.
The latest climb represents its return to its May 2021 high, marking the first time it attained this level in over three years. Following the recent milestone, convictions of attempts at $2 gained more ground.
XRP Flips BNB
The latest surge brings the cryptocurrency’s market cap to $97 billion, $3B higher than BNB’s. XRP is currently the fifth-largest coin in the world.
Ripple’s CEO says XRP will every asset in the top 10 largest cryptocurrencies and hold the second spot behind Ethereum.
Brad Garlinghouse asserted that “Ripple is gearing up for major upgrades to the XRP Ledger, designed to enhance liquidity and draw in institutional investors. This increase in activity could direct hundreds of millions into XRPL tokens, especially in the DeFi sector.”
The XRPArmy gains momentum following the latest price action. While some advocate for more surges, others make bold claims. One such is Crypto Sensei, who announced to his over 33k YouTube subscribers that they must own 10,000 XRP to guarantee their financial freedom. He emphasized several reasons for his conclusion.
One such example is the growing collaboration between Ripple and some central banks. Sensei asserted that this move may catapult the altcoin to $100 or $10,000 in the next ten years.
Speculation continues, with several proponents shilling the coin. Nonetheless, the latest surge comes after several firms announced they will launch an XRP ETF. Following its approval, more investors will have access to the cryptocurrency.
Nonetheless, the one-day chart shows a possible uptrend continuation.
XRP Sets Sights on $2
The one-day shows several positive indicators. One such is the average direction index. It’s on the uptrend, suggesting a massive push behind the ongoing surge. This is the same reading on the momentum indicator. It continues climbing in response to the ongoing trend.
The moving average convergence divergence resumes its uptrend. It had a divergence a few weeks ago, and the 12-day EMA briefly declined a few days ago. Over the last three days, price performance halted the bearish event, and both MACD metrics are rising.
However, the relative strength index blares warnings. It is at 87 at the time of writing, indicating that the asset is overbought and due for correction. RSI surged above 70 on Nov. 11 and has since continued above it. The trend may continue in the coming days.
The Bollinger bands expand in reaction to the massive volatility XRP experiences. However, the cryptocurrency trades above the upper SMA. This is not the first time an altcoin has attained this level. Previous trends suggest it may continue trading above the upper SMA.
Previous price movements point to an almost inevitable attempt at the $2 mark. The last time it broke above $1.80 in 2021, it edged closer to $2. Nonetheless, it broke the barrier during the previous month.
XRP gears up for massive rallies based on the 50-week and 200-week moving averages. It may have a golden cross on the one-week timeframe, resulting in further increases.
