Date: Sat, Nov 16, 2024, 06:51 AM GMT
The cryptocurrency market is shining as Bitcoin (BTC) bounces back with a 4% surge following two days of correction. This revival is largely credited to the introduction of the “Bitcoin Act of 2024” (S.4912) by U.S. Senator Cynthia Lummis, which proposes the establishment of a Strategic Bitcoin Reserve. Alongside Bitcoin’s rebound, XRP is making waves with an impressive 20% surge today and a staggering 74% rally in the past week.
Easing Regulatory Pressure Fuels XRP’s Momentum
In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse attributed XRP’s meteoric rise to the easing of regulatory pressure in the United States. He pointed out that emerging crypto-friendly policies are instilling confidence in U.S.-based cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA).
Garlinghouse expressed optimism about the future, saying, “The incoming Congress will ensure U.S. innovation gets the regulatory clarity it deserves.” Additionally, speculation about the possible resignation of SEC Chairman Gary Gensler has further fueled optimism among investors.
Will XRP Break $1?
Today, XRP broke through a critical resistance level at $0.9377 and is now trading at $0.9688, with the much-anticipated $1 milestone just 6% away. Technical indicators point to further upside potential. The Relative Strength Index (RSI) currently sits at 69.69, just below overbought territory, leaving room for additional price growth.
If XRP manages to hit $1, a short-term correction might follow due to profit-taking. However, the long-term outlook remains overwhelmingly bullish, supported by improving market sentiment and regulatory clarity.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.