Ripple XRP surged significantly, following BTC’s latest move above the $89,000 threshold. XRP rallied to over $0.70 on November 12, a level not tested since March 2024.
While the token has lost some gains, it still holds above $0.6. Ripple (XRP) currently trades at $0.668, up over 3.19% in the past 24 hours and 24.34% over the last week.
This suggests that the bulls are still in control of the market. Moreover, its trading volume rose over 100%, hitting $8 billion, showing intense market activity. Given the bullish momentum, can XRP hit $1 soon? The following analysis explores its next possible direction.
Factors Pushing Ripple XRP’s Price: Legal Hopes and Market Demand
Ripple XRP’s recent price rally can be attributed to political and legal developments favoring Ripple and the broader crypto industry. Donald Trump’s election win has raised optimism among investors.
Some speculate that Trump’s plans to replace SEC Chair Gary Gensler with a crypto-friendly leader could end the long-running legal battle between the SEC and Ripple. This could pave the way for major growth for XRP.
Moreover, a more crypto-friendly SEC could also increase the chances of approving spot XRP ETFs, possibly by the first half of next year. This would make XRP more accessible to traditional investors, driving demand further.
In addition to legal hopes, XRP’s recent price jump was fueled by rumors of an upcoming dirham-backed stablecoin. This project follows the release of Ripple’s RLUSD stablecoin, which is fully backed by the U.S. dollar and regulated by U.S. authorities.
Such developments highlight Ripple’s continued innovation in the financial sector, adding to its growing appeal.
Meanwhile, the demand for XRP remains strong in the futures market, with open interest surpassing $1 billion for the first time since late September. This reflects increasing confidence in XRP’s potential as more investors accumulate the token.
Data from CoinCarp also shows that the number of XRP holders has steadily grown, exceeding 4.8 million. With the growing optimism, the chances of XRP’s price nearing $1 are high. Moreover, the technical indicators below support this view.
XRP Price Analysis: Bullish Momentum Grows as Key Indicators Align
XRP’s recent price performance reflects a robust momentum as the coin trades above the 200-day and 50-day simple moving average (SMA) lines. Trading above both moving averages signals positive sentiment, with a potential for further price increases.
Moreover, XRP recently formed a “golden cross,” suggesting that a significant rally could be imminent. Currently, XRP’s Relative Strength Index (RSI) sits at 65, just below the overbought zone.
The current RSI level supports the bullish case for XRP, as it shows momentum is strong yet not ripe for a price pullback.
Key Support Levels for Ripple (XRP)
In case of a retracement, Ripple XRP has established solid support levels that could prevent the price from falling too far. The primary support level is located at $0.64, which has served as a strong floor in recent trading sessions.
If the price dips below this level, the next support can be found at $0.55, followed by a third level at $0.49. These support zones are crucial in maintaining the upward trend, as they provide key areas where buying pressure could re-emerge.
With XRP trading above the SMA and the formation of a golden cross, the technical indicators suggest that the coin is on a robust bullish trajectory. All factors point to the potential for a continued upward trend for XRP.
FreeDum Fighters: A Potential Alternative to XRP Token
FreeDum Fighters (DUM) is quickly gaining attention as a unique crypto alternative. Its rise is driven by the growing interest in politically-themed tokens ahead of election day.
The project has raised over $488,000 in presale funding, showing strong support from investors. With its innovative approach and timely launch, FreeDum Fighters is positioning itself as a standout token in the crypto space.
What is FreeDum Fighters?
FreeDum Fighters (DUM) is a politically-themed token riding on the surge of PolitiFi tokens, which combine politics and cryptocurrency.
Rather than backing a single candidate, the project allows investors to stake tokens on two satirical A.I. candidates: MAGATRON and Kamacop 9000. Users who bet on a particular candidate stand a chance to win significant rewards.
This balanced approach attracts a diverse range of investors across the political spectrum. With a growing community and unique concept, FreeDum Fighters offers an exciting alternative for those interested in both politics and crypto.
FreeDum Fighters’ Tokenomics and Community Growth
The project’s tokenomics are designed to ensure sustainability, with 40% of the 270 billion DUM tokens allocated to presale participants.
Another 20% goes toward exchange liquidity, while the remaining tokens are dedicated to staking rewards, debate rewards, and marketing.
This structure has resonated with investors, leading to a growing community with over 1,800 followers on Twitter and 1,500 members on their Telegram channel. Its native token, DUM, currently trades at $0.000075, creating a low-entry point for investors.
With the growing popularity of PoliFi tokens, FreeDum Fighters stands as a strong potential alternative to XRP, especially for investors seeking something new. Want to learn more? Visit the project website for more info and buy $DUM tokens.
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