XRP $1 Price Comes Alive for the First Time Since 2021
The price of Ripple (XRP) broke a nearly three-year barrier, climbing to $1 for the first time since November 2021. The milestone comes amid renewed optimism in the cryptocurrency market, fueled by rising interest and demand for the token.
With trading volumes surging and investor confidence returning, the question now is whether XRP can sustain this momentum or if a correction is imminent.
Ripple coin breaks $1 mark after nearly three years
Earlier today, the price of XRP was $0.85. However, after a bullish engulfing candle appeared on the chart, price surge to $1.02, marking the first time the coin has hit this level since the 2021 bull run.
This price increase coincides with positive developments in altcoins Since Donald Trump came along As President of the United States. But beyond that, there are several reasons why Ripple’s native token has risen so far.
For example, around Potential XRP ETF Always in the spotlight. Additionally, altcoins experienced significant gains institutional needs Recently, with the addition of List on Robinhood. These developments demonstrate the growing interest in XRP in the US market.
In addition, speculation that SEC Chairman Gary Gensler, who is leading the legal proceedings against Ripple, may resign has also added to the XRP surge.
From an on-chain perspective, the increase in open interest (OI) appears to be a significant driver of XRP momentum. Data from Santiment shows that XRP’s OI surpassed $1 billion for the first time since August 2023 — and that’s when it happened Ripple’s Partial Victory The SEC investigation highlights heightened speculation surrounding the token.
Judging from the price trend, if OI continues to climb, XRP Price May Maintain Its upward trend. This is because high open interest reflects increased liquidity in derivatives markets, which tends to exacerbate price volatility.
XRP Price Prediction: Overbought, but rally may continue
XRP’s Breakthrough It started around November 5, when bulls vigorously defended the $0.50 support level. Since then, XRP price has increased by more than 100%.
While the Relative Strength Index (relative strength indexThe 3-day chart shows that XRP $1 price has entered overbought territory as bulls continue to push for further gains.
Bull Bear Power (BBP) confirms this as it measures the strength of bullish power versus bearish power. A rising BBP indicates dominance by bulls, while a falling BBP indicates dominance by bears.
Currently, BBP forms a large green histogram indicating Bulls are driving prices higher. If this momentum holds, XRP could climb towards $1.40. However, if the sentiment turns bearish, the price could drop to $0.64.
Disclaimer
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