XRP Price Prediction: Why XRP Could Soon Blow Through $3
Highlights:
- XRP is in an intra-day consolidation with $2.46 as resistance
- Rally through the $2.46 resistance could push XRP to $3 soon
- Multiple XRP listings could see XRP could trigger FOMO into XRP
XRP is one of the best-performing cryptocurrencies over the last 24 hours, and pretty much the weekend. XRP’s recent rally has been so impressive that it has flipped Solana to become the 4th largest cryptocurrency by market capitalization. At the time of going to press, XRP price was trading at $2.33, up by 22.07% in the day.
This price rally has now pushed XRP’s market capitalization to $134.46 billion. Trading volumes are also on the rise, reflecting the rising investor interest in XRP. They are up by 178% in 24 hours to stand at $33.08 billion.
Technical Analysis – XRP Price Consolidating But Sentiment Remains Bullish
From the charts, there is a good chance that XRP is only getting started, and could be headed for even higher prices going forward. After a multi-day parabolic rally, XRP has entered a minor consolidation, weighed down by a minor correction across the market. XRP is now consolidating between the $2.46 resistance and $2.26 support.
If bulls take control and push XRP price through the $2.46 resistance, then a rally to $3 soon. On the other hand, if there is a correction that pushes XRP through the $2.26 support, then XRP could drop to around $1.85 in the short term. Of these two scenarios, the chances are higher that XRP is headed for a rally to $3, or more. Several factors support such a price move for XRP.
Ripple Set to Get Regulatory Clearance for RLUSD
One of them is the increased expectations for clarity around cryptocurrencies with the election of Donald Trump. With a new SEC chairman set to take over in January, it is widely expected that the pressure that the SEC was putting on Ripple could come to an end. The regulatory wins for XRP are also evident in the fact that Ripple’s stablecoin is set to get regulatory approval in New York.
According to Fox Business, the New York Department of Financial Services could give Ripple the regulatory go-ahead as early as December 4. Once approved, Ripple will be in a position to issue its RLUSD stable coin, making it one of the most important players in the New York Digital Finance market. This is a big deal as it further helps in eliminating the regulatory uncertainty that has clouded XRP since 2020.
🚨BREAKING: RIPPLE TO HAVE FINAL GREEN LIGHT FROM THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES TO FORMALLY LAUNCH #RLUSD!
A STABLECOIN BUILT ON THE #XRP LEDGER THAT WILL BURN XRP WITH EACH TRANSACTION! pic.twitter.com/uLkfxsGrg3
— CryptoGeek (@CryptoGeekNews) November 29, 2024
Multiple XRP ETFs Could Be Set for Approval Soon
Even better for XRP is that asset managers are now starting to consider XRP ETFs. On November 1, 21 Shares announced that it had submitted an XRP ETF filing to the SEC. More recently on November 15, New York Stock Exchange Arca asked the SEC to list a crypto index fund offered by Bitwise.
BREAKING: @BitwiseInvest FILES FOR BITWISE 10 CRYPTO INDEX ETF ( $BTC, $ETH, $SOL, $XRP, $ADA, $AVAX, $LINK, $BCH, $DOT, $UNI) WITH SEC pic.twitter.com/vvx1UNi9Mv
— DEGEN NEWS (@DegenerateNews) November 27, 2024
Similarly, on November 25, Wisdom Tree, an asset manager, filed an XRP ETF in Delaware. All these XRP ETFs have a high chance of being approved now that Gary Gensler is resigning and a new SEC chair is expected to take over when Trump comes to power. The expectation around these ETFs could keep the momentum around XRP high, going into 2025.
Ripple Launching Tokenized Fund on XRP Ledger
Investors are also counting on Ripple’s recent announcement that it was launching a tokenized money market on the XRP ledger. The fund, which will be a partnership between Ripple and Archax is a big deal as it will drive demand for XRP on the XRP Ledger. It is the same way; adoption drives the demand and price momentum for L1s like Solana and Ethereum.
Overall, XRP price is consolidating intra-day but there are multiple factors that point to a continuation of the bull run. In the short term, XRP could easily be headed for $3 as the good news unfolds.
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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