Donald Trump

strong bull

Ripple price is in a strong bull run, fueled by positive momentum and favorable ecosystem developments. 
Ripple (<a rel="" href="https://crypto.news/price/xrp/">XRP</a>) has risen for four consecutive weeks, reaching $1.70, its highest level since May 2021. The token has surged by over 240% this month, pushing its market capitalization above $96 billion. 
XRP’s rally stems from strong fundamentals, including significant legal victories and favorable political developments. Ripple won a major court case against the SEC in July last year, followed by a court ordering the company to pay $250 million. This represents a much smaller figure than the $2 billion initially sought by the SEC. 
The SEC has signaled a potential appeal, but optimism is growing that the incoming SEC Chair may not pursue further action. Reports suggest President-elect Donald Trump <a rel="" href="https://crypto.news/former-commissioner-paul-atkins-is-top-candidate-for-sec-chair/">is considering Paul Atkins</a>, a former commissioner with a pro-crypto stance, as the next SEC chair. 
Investors are also bullish on upcoming potential catalysts. These include the possibility of a spot XRP ETF approval, anticipated under the next administration, and Ripple Labs’ potential Initial Public Offering. 
Additionally, Ripple is developing a stablecoin called RLUSD which is backed 1:1 to the US dollar. Expectations are this venture could significantly boost the ecosystem’s revenue. 
 You might also like: <a rel="" href="https://crypto.news/can-the-xrp-price-realistically-jump-to-10-in-2024/"> Can the XRP price realistically jump to $10 in 2024? </a> 
<h2 class="wp-block-heading" id="xrp-price-is-getting-overbought">XRP price is getting overbought</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/XRP-Price-4.png" alt="XRP price" class="wp-image-14314978">
 <figcaption class="wp-element-caption">
 Ripple price chart | Source: <a rel="" href="https://crypto.news/price/xrp/">crypto.news</a>
 </figcaption>
</figure> 
The weekly chart reveals a strong uptrend for Ripple in recent weeks. The token recently broke past key resistance at $0.9340, its highest level in July 2023. It also surpassed the psychological $1 mark and the 50-week and 100-week moving averages. 
However, technical indicators suggest caution. The Relative Strength Index and Stochastic oscillator have moved into overbought territory, signaling the potential for a brief retracement in the coming days. 
The next potential target for the XRP price is $1.9716, its April 2021 high, followed by $2. In the long term, as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) has done, Ripple could jump to a record high of $3.5, which is about 110% above the current level. 
 You might also like: <a rel="" href="https://crypto.news/xrp-price-sparks-interest-in-rwa-rival-ready-for-34500-surge/"> XRP price sparks interest in RWA rival ready for 34,500% surge </a>

How high can Ripple’s XRP price get in December 2024?

Table of Contents

crypto.news

Other articles published on Nov 29, 2024

Swyftx lead analyst predicts altcoins will remain shaky until BTC hits $100,000

Binance Boosts Leverage for Terra Luna Trades

Discover Qubetics, Bitcoin, and Avalanche’s unique features, latest developments, and investment ...

What is the Hyperbridge Interoperability Protocol?

Altcoin Volatility Hinges on Bitcoin’s $100K Breakout, Says Analyst

Russian President Signs Law to Recognize Bitcoin, Ethereum, XRP and Cryptos As Property

Join our free newsletter for daily crypto updates!