XRP is approaching key resistance level

On November 29, 2024By Littum

According to 100eyes Crypto Scanner, the Ripple-affiliated XRP cryptocurrency is currently approaching horizontal resistance near the $1.60 level.

The XRP token is up 6% in the last 24 hours, outperforming every cryptocurrency in the top 10. For example, Bitcoin is up just 0.4%. It seems that many recommended the leading cryptocurrency at their Thanksgiving tables.

XRP is up a whopping 207% in November so far, with just two days left to end the month.

If the token manages to maintain its gains, it will log its best performing month since December 2017.

The Ripple-linked token is now fast approaching the $100 billion club with its market cap.

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In 2018, XRP briefly surpassed Ethereum (ETH) to become the second largest cryptocurrency by market capitalization. It is currently in fifth place, still behind BNB and Solana (SOL).

Breaking above the aforementioned resistance level could pave the way for an even stronger rally for the OG altcoin. The token could start getting closer to the $2 mark.

The price increase coincided with the growing XRP ETF buzz in the US, where WisdomTree recently became the latest issuer to submit his application. At this point, it seems more and more likely that such a product will end up being approved sooner or later.

The upcoming departure of anti-crypto SEC Chairman Gary Gensler also emerged as a key bullish catalyst. Currently, former SEC Commissioner Paul Atkins is the leading candidate to replace Gensler.

The token also recently became available for Robinhood US users, along with other tokens.