XRP has seen a remarkable 23.21% rise in the past 24 hours and a 154% gain over the last two weeks, making it the sixth-largest cryptocurrency with a market cap of $89.82 billion. Analysts are optimistic about XRP’s potential to reach higher prices during the ongoing crypto bull season.
An analyst known as CryptoBull predicts that XRP might reach $40 in the next three months if it mirrors its substantial price increase from 2017. The altcoin previously surged by 5,400% from $0.006 to $0.33 in early 2017, and recent events suggest a possible repeat is on the horizon.
The recent resignation announcement from SEC Chairman Gary Gensler, who has been involved in a regulatory battle with Ripple, has fueled bullish sentiment among XRP investors. Moreover, the incoming administration of pro-crypto US President-Elect Donald Trump is expected to adopt a more favorable regulatory stance.
CryptoBull forecasts XRP could hit $1.96 by November, $6.30 by December, and potentially $40 by January. Despite this potential, XRP faces resistance at the $1.96 level and possibly another at $3.84. While bullish sentiments are strong, the token is in an overbought state according to its Relative Strength Index, indicating possible pullbacks.
Currently trading at $1.78, XRP reflects a week-long gain of 79.57%, with its daily trading volume up by 103.57%, valued at $20.29 billion.
