Rally

bullish

<ul class="wp-block-list">
 <li>XRP surged by 101% in seven days, trading at $1.17, driven by Bitcoin's rally and strong futures activity.</li>  
 <li>XRP futures hit $2B in open interest as traders eye a bullish breakout to $1.20.</li>  
 <li>Ripple XRP gains on rumors of regulatory shifts, reaching $1.17 with a 114% monthly increase.</li> 
</ul>  
<p>XRP, the native cryptocurrency of the Ripple blockchain, has recently been on an upswing and is currently trading at $1.17. In the past 24 hours, <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> made a 9.49% gain and reached the highest of $1.19 on November 17, only to experience some volatility. There has been a rapid movement in the token within the market, with a 101.94% increase within the week and 114.33% within the month.</p>  
<h2 class="wp-block-heading" id="h-market-trends-boost-xrp-s-performance"><strong>Market Trends Boost XRP’s Performance</strong></h2>  
<p>XRP has followed the rest of the <a href="https://cryptonewsland.com/?s=crypto+market" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency market</a> up-swing primarily due to Bitcoin's record-setting prices lately. This rally has taken several large-cap altcoins, including XRP, which spiked by 30% on 17th November. Experts believe that XRP could challenge other higher resistance levels if the trend is to persist.</p>  
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<p>Adding to the positive sentiment, XRP's future trading activity has hit new highs. Open interest in XRP futures contracts surpassed $2 billion, indicating strong market engagement. Despite a slight bias toward short positions, the increased trading volume reflects a robust influx of new capital into the market.</p>  
<h2 class="wp-block-heading" id="h-regulatory-developments-fuel-investor-optimism"><strong>Regulatory Developments Fuel Investor Optimism</strong></h2>  
<p>Speculation around U.S. regulatory changes has played a pivotal role in XRP’s price rally. Rumors of SEC Chair Gary Gensler’s potential resignation following President-elect Donald Trump’s victory have heightened optimism among investors. Trump’s <a href="https://cryptonewsland.com/donald-trump-vs-harris-edition-how-the-u-s-presidential-election-results-could-shape-bitcoin-prices/" target="_blank" rel="noopener noreferrer nofollow">pro-crypto stance</a> and focus on fostering the American blockchain industry have bolstered expectations of favorable regulatory changes.</p>  
<p>Ripple Labs’ ongoing legal battle with the SEC has also influenced market dynamics. While the court ruled in Ripple’s favor regarding XRP’s classification as a non-security for retail sales, institutional sales violations remain under appeal. The possible resolution of the case, along with Trump’s crypto-friendly agenda, may provide further support for XRP’s growth.</p>  
<h2 class="wp-block-heading" id="h-xrp-s-growing-utility-and-technical-indicators"><strong>XRP’s Growing Utility and Technical Indicators</strong></h2>  
<p>Real-world use cases for XRP set it apart from other asset speculation cryptocurrencies. XRP is a cryptocurrency of Ripple’s Blockchain Platform. Furthermore, it enables cross-border transactions and execution of charging fees on transactions on the <a href="https://cryptonewsland.com/?s=XRP+Ledger" target="_blank" rel="noopener noreferrer nofollow">XRP Ledger.</a> The growth of Ripple services in new regions, including acquiring a license in Dubai, has made the token more attractive globally.</p>  
<p>In addition to the technical analysis, the XRP token shows bullish sentiments as the price continues to trade above the 50-day and the 200-day exponential moving average. Some investors suggest XRP will regain its high of $1.40, recorded in September 2021, if the current price rise remains consistent. However, a failure to hold above key resistance levels may lead to a price correction toward $0.82.</p> 
<p>The post <a href="https://cryptonewsland.com/market-rally-pushes-xrp-to-weekly-highs-approaching-1-20/" rel="noopener noreferrer nofollow">Market Rally Pushes XRP to Weekly Highs Approaching $1.20</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Market Rally Pushes XRP to Weekly Highs Approaching $1.20

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