XRP Price Shows Rare Pattern, Signals Potential to Hit $1

XRP has continued its impressive bullish momentum, reaching a high of $0.6985, marking its highest level since March 14. The token rallied for four consecutive days, driven by optimism in the broader cryptocurrency market. At its peak, XRP was up over 80% from its lowest point earlier this year.

The surge in XRP’s price coincided with a broader rally in the crypto space, which helped push the total market capitalization of all cryptocurrencies above $3 trillion for the first time since 2021. Bitcoin also saw a significant rise, nearing the $90,000 mark, with analysts predicting it could hit $100,000 soon.

Ripple’s strong performance is largely attributed to the potential resolution of its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Speculation grew following Donald Trump’s election victory, with expectations that he may replace SEC Chairman Gary Gensler with a more crypto-friendly regulator. Such a shift could lead to a withdrawal of the SEC's appeal from an October court ruling, which would likely benefit Ripple and its future prospects.

The end of Ripple’s legal issues could pave the way for more strategic partnerships, particularly with financial services companies like banks and money transfer firms. Additionally, a new SEC under Trump could be more inclined to approve spot XRP exchange-traded funds (ETFs), potentially as early as the first half of next year.

Ripple’s recent rally has also been fueled by hints from developers about the launch of a dirham-backed stablecoin, following the successful introduction of Ripple’s RLUSD stablecoin, which is 1:1 backed by the U.S. dollar and overseen by U.S. regulators.

Meanwhile, XRP’s futures open interest has surged above $1 billion for the first time since September 30, signaling growing demand for the asset. Data from CoinCarp reveals that the number of XRP holders has gradually increased, now surpassing 4.8 million.

XRP Forms a Golden Cross

On the technical front, XRP has shown significant bullish signs. The daily chart reveals a strong rebound, with the token revisiting levels not seen since March 14. XRP recently broke through a key resistance level at $0.6655, its peak from September 29.

Importantly, XRP has formed a golden cross, with the 50-day and 200-day Exponential Moving Averages (EMAs) crossing in a bullish pattern. The token is also showing a cup and handle pattern, which further suggests continued upward momentum.

As a result, many analysts are targeting the key resistance level of $1, representing a potential 56% upside from the current price. This optimistic outlook will be reconsidered if XRP falls below the $0.60 level.