XRP is now over the $1 line to mark its highest price since 2021. Dogecoin no longer stands at the sixth position for digital assets after having been overhauled by cryptocurrency in the past week that has rallied 104.59 per cent.
CoinMarketCap shows XRP is trading at $1.10, having surged 26.51 perCENT over the past 24 hours. EGRAG CRYPTO market analyst shares bullish outlook for XRP, saying its market cap is breaching key Fibonacci levels.
According to the analyst, XRP’s market cap surpassed the 0.786 Fibonacci level of $60.06 billion on November 16 and could have a tendency in its trajectory seeking the 1.618 level that would place its market cap at $283.42 billion and the price, at $4.96.
XRP Eyes $1.83T Cap, Bullish Signals Strengthen
Futures Fibonacci targets anticipate market cap reaching $577.86b, $959.66b and $1.83t at 2.0, 2.272 and 2.618 respectively. These prices correspond to these price projections: $10.13, $16.83, $32.11. With XRP on the edge of a sustained price explosion, the cryptocurrency has also broken above an ascending trendline that was established in 2017.
Ripple’s rally picked up steam on November 15 after speculation that SEC Chair Gary Gensler could leave the regulator out of the middle of its ongoing legal battle with the firm. More action is coming from whale investors as daily trading volumes rocket up by 104.46% to $23.13 billion, pressuring the asset’s price action even further.
As the market sees new bullish signals from surpassing long term resistance levels, XRP’s recent performance shows increasing market confidence. They believe a monthly close above 0.786 Fibonacci level will confirm the continuation of its upward price action, furthering price gain.
XRP’s rise is being driven in part by the wider cryptocurrency market starting to rally. Nevertheless, price is chiefly underpinned by the unfolding of its regulatory patchwork, and also the interest of investors. As is, Ripple currently seems to be in good shape to continue its growth with analysts closely watching major levels on Fibonacci to confirm the steps Ripple should take next.
