Date: Mon, Dec 02, 2024, 03:28 PM GMT
Today, the cryptocurrency market saw XRP dominating the altcoin space with an extraordinary continuation of its bullish rally, surging by over 43% in the last 24 hours. Currently trading at around $2.73, XRP has taken the spotlight as one of the most significant movers in the market.
Major Milestones
XRP achieved two significant milestones during this rally:
- Reclaiming the Third Spot: Early today, XRP reclaimed its position as the third-largest cryptocurrency, overtaking Tether (USDT) and once again becoming a top-tier digital asset.
- Crossing $150 Billion Market Cap: XRP’s market capitalization surpassed $150 billion, and currently sitting at $155 billion.
The rally comes amid an already bullish narrative for XRP. Its momentum kicked off after Donald Trump’s victory in the U.S. elections and was further accelerated by the announcement of Gary Gensler’s resignation as SEC Chairman. This combination of factors has resulted in an astonishing 434% surge in XRP’s value over the past 30 days.
Bullish Whale Activity
Adding fuel to the rally is heightened whale activity. According to crypto analyst ali_charts, Ripple whales purchased an additional 160 million XRP over the weekend, equivalent to approximately $380 million. This level of accumulation by whales reflects growing confidence in XRP’s bullish trajectory.
What To Expect Ahead?
As of writing, XRP is trading at $2.73, with an intraday high of $2.87. The 30-minute chart reveals a clear breakout pattern that has repeated multiple times during this rally.
Historically, each breakout above the resistance levels (marked by red lines) has resulted in an average 15% jump. Similarly, recent breakout above the $2.50 resistance level propelled XRP to its current high of $2.87.
Looking forward, the price may experience some correction or consolidation before attempting to break above $2.87. If XRP manages to break out from this level, it has the potential to surge toward the $3.30 price mark, consistent with the previous upward momentum patterns observed.
Conclusion
XRP’s rally is driven by strong technicals, favorable market sentiment, and substantial whale activity. The $2.87 level remains a critical resistance point to watch. A successful breakout could confirm the next leg of the rally, pushing XRP closer to $3.30, while failure to maintain current momentum might result in short-term consolidation.
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