The XRP price has continued its impressive rally over the Black Friday weekend, posting a 30% gain and soaring to $2.50. This marks the first time in six years that XRP has surpassed the $2 mark, solidifying its position as a key player in the crypto market. On Satoshi Street, XRP’s performance has pushed it ahead of major competitors like Solana and USDT, securing the third spot in the market rankings.
XRP’s market capitalization has reached an all-time high of $139 billion, a significant milestone in its history. This surge is part of a broader rally, with XRP recording a staggering 377% increase throughout November. Analysts are now speculating that this momentum could drive XRP to break its previous all-time high of $3.84.
Will XRP Hit a New All-Time High?
The XRP price could be gearing up to reach a new all-time high as early as December. This comes after the third-largest altcoin shattered a major milestone: breaking free from 84 months of stagnant price action with a single explosive monthly candle. This dramatic breakout is being hailed as a key turning point for XRP, potentially signaling the start of a new bullish trend after years of consolidation.
Veteran trader Peter Brandt has identified this breakout as a classic “flag-and-pole” pattern on a multi-year chart. In technical analysis, this pattern often indicates a continuation of upward momentum, which could mean further gains for XRP in the coming weeks and months.
XRP has been on a massive rally, posting over 68.83% weekly gains and solidifying its position as a leader in the altcoin market, outperforming major cryptocurrencies like Ethereum. This surge has reignited discussions among crypto market experts about the importance of introducing a spot XRP exchange-traded fund (ETF) to the market, which could offer investors direct exposure to XRP without needing to hold it directly.
Currently, three major firms—Bitwise, Canary, and 21Shares—have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch spot XRP ETFs. These ETFs would track the performance of XRP, the third-largest cryptocurrency by market capitalization, and could mark a significant step forward in increasing institutional and retail adoption.
Many believe that approval of these ETFs could bring more legitimacy to XRP and further fuel its market momentum. However, it remains to be seen how the SEC will respond, given its cautious stance on approving spot crypto ETFs in the past.
Nate Geraci, President of the ETF Store, predicts that more issuers will enter the competition as demand for XRP-based investment products continues to rise. This growing interest reflects the increasing adoption of XRP within the financial ecosystem.
Pro-XRP attorney Jeremy Hogan has also weighed in, expressing optimism that a spot XRP Exchange-Traded Fund (ETF) might be approved as early as mid-2025, aligning with the broader push for crypto ETFs in the financial markets. If realized, this could mark a significant milestone for XRP and the cryptocurrency industry as a whole.
According to CoinMarketCap, XRP is experiencing a significant surge, trading 30% higher at $2.45, with its market capitalization reaching an impressive $139.7 billion. According to data from Coinglass, the XRP open interest has spiked by 28.67%, climbing to $4.21 billion, indicating a substantial rise in active positions in the market.
Additionally, the 24-hour liquidations have escalated to $53 million, comprising $38 million in short liquidations and over $14 million in long liquidations, reflecting heightened market volatility.This surge in liquidations highlights the intensified trading activity as XRP begins to capture investor interest.
Analysts suggest that this uptick could pave the way for the next leg of the rally, potentially pushing XRP’s price toward the $4 mark. Further market movements will depend on continued trading momentum and overall sentiment.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
