- XRP surged nearly 30% in 24 hours to $2.44 and became the third-largest cryptocurrency by market cap at $139 billion, surpassing Tether.
- The rally began after Trump's election victory and was boosted by SEC Chairman Gary Gensler's resignation announcement, resulting in a 375% surge over 30 days.
- Technical analysis suggests XRP could see another 20% increase above $3.00 following its pattern of corrections followed by breakouts above previous highs.
- Bitcoin's dominance has declined from 61.53% to 56.57%, contributing to the broader altcoin rally in the cryptocurrency market.
Date: Mon, Dec 02, 2024, 06:30 AM GMT
The cryptocurrency market has continued its bullish momentum as we head into the new week. Many altcoins are rallying following a decline in Bitcoin’s dominance, which has dropped from its recent high of 61.53% to 56.57%. One cryptocurrency that has been making waves is Ripple (XRP), which has experienced a massive pump of nearly 30% over the last 24 hours, currently trading at around $2.44.
XRP Becomes Third-Largest Cryptocurrency
XRP has not only surged in price but has also achieved a significant milestone, becoming the third-largest cryptocurrency by market capitalization, with a $139 billion market cap, surpassing Tether (USDT).
This rally, which began after Donald Trump’s victory in the U.S. elections, was further fueled by the announcement of Gary Gensler’s resignation from his position as SEC Chairman, propelling XRP to an incredible 375% surge in just the last 30 days.
What To Expect Ahead?
As of writing, XRP is trading at $2.44, after reaching a day high of $2.49. Looking at the 30-minute chart (shown below), we can see a clear pattern.
Each time XRP has experienced a significant pump, it has made a small correction, followed by a breakout above its previous high. We are likely to see a similar pattern here, with a potential slight correction followed by another breakout above the current high of $2.49. If this happens, XRP could see a 20% increase, pushing the price above $3.00.
The chart highlights several key resistance levels, with the latest breakout pointing towards a continued bullish trend. The RSI (Relative Strength Index) is currently at 68, indicating that the momentum is strong but there might be room for a brief correction before the next significant move.
Conclusion:
XRP’s recent performance has been nothing short of impressive, and with the ongoing bullish sentiment and significant developments, the outlook remains positive. If the pattern continues, XRP could be poised for further gains, potentially reaching above $3.00 in the near future.
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