XRP Surges Over 242% in November: What’s Driving the Bull Run?

Table of Content

• XRP’s Explosive Growth: Key Drivers and Market Performance
• Legal Battles and Regulatory Shifts
• Ripple’s Innovations: RLUSD Stablecoin and Tokenized Funds
• XRP Price Analysis: Investment Opportunities and Future Outlook

Ripple has shown its performance for the last four weeks. XRP reached its highest level of 1.80 since May 2021. The token has surged over 242% this month and pushed its market capitalization above $96 billion.

XRP started its bull run exactly after the U.S. election results when former president Donald Trump returned back to the white house for the second time. During Trump’s campaign, his crypto-friendly approach brought investors optimism. Which has helped many other Altcoins to gain momentum, including XRP. Ripple reached the $1 mark threshold for the first time since November 2021.

XRP won a major court case against SEC in July last year. However, the court had been ordered for $250 million dollar to pay. This represents a small amount because initially SEC sought $2 Billion.

Investors are also bullish on upcoming catalysts. This includes the possibility of the XRP spot ETF approval, anticipating under the next administration and Ripples’s lab’s potential public offer.

Ripples’ most significant rally happened after November 21st, when the U.S. Security Commision (SEC) chairman Gary Gensler announced he would leave his role by Jan 2025. In a few hours of following this news, XRP has soared 35%, reaching at $1.60.

Under his administration, Gensler takes a major approach to cracking down on the major crypto firms, such as such as Binance, Kraken, Coinbace, and XRP’s issuer Ripple.

Apparently, with a four-year legal battle going on between Ripple and U.S. regulations, the SEC has been trying to prove that XRP sales were, in fact, an unregistered security offering. After Trump returns as president, these battles will be coming to an end. This would be one of the reasons for the current XRP’ trending.

Additionally, Ripple is developing a stablecoin called RLUSD, which is backed 1:1 to the US dollar. Investors are expecting these ventures could significantly boost the ecosystem revenue.

In addition to the positive news, XRP may discarded as a security in the U.S.

This week the firm Invested in Bitwise’s XRP fund and launched the first tokenised money market fund on its XRP ledger.

Price Action and Investment Strategies

At the time of writing this article, XRP price is trading at $1.94. As per the monthly chart price is trading near the all-time highs. According to the chart, the price has tried the third time to break the crucial level. If it breaks the all-time highs the rally definitely will continue.

According to the four-hour chart, it’s showing a high chance for a pullback before it breaks the crucial level. Investors can wait for a pullback and enter the trade. The next support level is around $1.50 between these levels is a good chance for an entry. Wait for a perfect pullback and invest according to the price action.

Crypto is a highly volatile asset, before investing do the analysis and take the call according to your analyses. Blindly taking a position will cause a loss of money.