XRP Price Hits $1 Historic Milestone

On November 26, the XRP price reached $1 – an important milestone for the cryptocurrency. In addition, the market capitalization has increased 26.76% to $57.98 billion, while the trading volume has reached $13.13 billion.

Open interest in XRP derivatives has increased by 10.44% to reach $1.56 billion, indicating increased speculative interest and possibly institutional involvement.

Cryptoanalyst Ali Martinez have spotted the latest XRP whale activity. According to him, over 320 million XRP were bought within the last 72 hours.

This rise follows a breakout from a symmetrical triangle pattern that often signals significant price moves. Analysts note that XRP’s current trajectory is similar to its performance in 2017, when its all-time high (ATH) reached $3.3.

If the bullish trend continues, experts predict that XRP could reach $1.96 by the end of the month and $4.80 by the end of 2024.

The price increase may have been partially triggered by its listing on Robinhood. CryptoQuant’s currency reserve measurement suggests growing faith in the coin’s long-term prospects.

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Ripple Labs has also made progress in its ongoing legal battle with the US Securities and Exchange Commission (SEC), with a recent favorable court decision and the approval of a joint motion for final judgment adding further optimism to the market.

In addition to legal developments, speculation about a dirham-backed stablecoin being developed by Ripple has also contributed to XRP’s price rise.

This follows the launch of Ripple’s RLUSD stablecoin, which is fully backed by the US dollar. Parallel to Bitwise announced plans to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, which will include exposure to XRP.

Ripple CEO Brad Garlinghouse commented on the news via X, further fueling the market’s enthusiasm.