While many assets in the cryptocurrency market are currently experiencing gains, XRP (XRP) has started to forge ahead. It has surged by over 2.81% in the last 24 hours, showcasing a pump in price for Christmas.
Ripple’s XRP token has displayed indications of gaining momentum, prompted by a surge in the funding rate in futures markets, signaling an increase in bullish speculation.
This unexpected upswing has led to speculations that Ripple’s XRP might advance toward the psychologically significant $1 milestone in 2024.
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Factors that may contribute to the $1 aim
According to a recent analysis, XRP appears to have shaped what could potentially be the most substantial bull flag on the monthly chart, following its 2018 peak at $3.84. Despite facing hurdles such as a 2020 SEC lawsuit impeding price recovery, XRP’s overall performance has given rise to this noteworthy bullish pattern.
Another factor is speculation regarding an IPO by Ripple, which has surfaced following the company’s recent job posting for a Senior Shareholder Communications Manager in significant financial hubs. The outlined responsibilities in the job description align with tasks typically associated with IPO preparations, including managing investor relations and communicating with shareholders and analysts.
One of the main factors is the resolution of the SEC vs. Ripple case in favor of the former, as it can rekindle investors’ confidence and bring fresh capital into this cryptocurrency.
XRP price analysis
At the time of press, this digital asset was trading at $0.6399, representing a 2.81% increase over the past 24 hours, adding to the gains of 7.37% made on the weekly chart, continuing on the positive 30-dat performance that brought in 3.06% increase in price.
Over the past year, the asset has surged by 84%, outperforming 52% of the top 100 crypto assets. It trades above the 200-day simple moving average, with 17 positive days in the last 30 days, constituting 57% of the observed period.
However, it is essential to note that traders should conduct research prior to investing, as it can help mitigate any unnecessary risks.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
