XRP continues its bullish rally with price nearing $1.20

Ripple token XRP has been on the rise for a week now, with the price increasingly approaching $1.20. The XRP token has increased by approximately 10% in the last 24 hours.

According to Crypto.news data, Ripple (XRP) continues to ride the high wave, rising by 9.49% in the last 24 hours. At the time of writing, the token is currently trading at $1.17. Since the beginning of November, the XRP token has been steadily rising until it reached $1.19 on November 17.

Over the past seven days, Ripple’s native token has increased by 101.94%. Meanwhile, in the past month the token has increased by 114.33%.

XRP ranks 6th on the cryptocurrency leaderboard with a market cap of $66.5 billion. The token has a fully diluted value of more than $116 billion and its current circulating supply is approximately $100 billion.

XRP price chart for the past month, November 18, 2024 | Source: crypto.news

XRP has been one of many major cryptocurrencies experiencing rallies following Bitcoin’s explosive rise to all-time highs almost weekly. A crypto analyst on X with the username @Cryptoinsightuk predicted that XRP “looks ready to explode” amid the ongoing rally.

$XRP Weekly, Monthly and Quarterly.

Take away the emotions and noise.

Look at these charts.

Obviously we haven’t closed out the month or 3 months yet, but this thing looks ready to explode. pic.twitter.com/wdH3AaCi5F

— Cryptoinsightuk (@Cryptoinsightuk) 18 November 2024

Other crypto traders on X also seem to have high hopes for XRP’s continued growth. As previously reported by Crypto.news, XRP experienced a “record-breaking rally” with a meteoric rise of 30% on November 17.

According to the report, Coincodex predicted that the price of the token could fall between $0.69 and $3.09, and the average price could be $1.66. Meanwhile, DigitalCoinPrice believes XRP could reach $2.46 to $2.96, with an average price estimate of $2.80.

Are SEC and XRP nearing their end?

One possible reason for its recent meteoric rise – other than Bitcoin’s market dominance – is the circulating rumors that SEC Chairman Gary Gensler will resign from his position. These rumors have created a new wave of optimism in the crypto market, especially for Ripple’s XRP.

Since December 2020, Ripple Labs and the SEC have been engaged in a legal battle over the agency’s accusations that the company was selling XRP as an unregistered security. In July 2023, the court formally ruled that certain XRP sales did not count as securities transactions.

But that didn’t stop the SEC from filing an appeal, arguing that the court’s decision contradicted “decades of Supreme Court precedent.” In October 2024, Ripple Labs filed a cross-appeal listing the issues the company plans to raise against the SEC, indicating that the case is not over yet.