XRP price rare pattern points to Ripple hitting $1

XRP continued its strong bullish momentum, reaching $0.6985, its highest level since March 14.

Ripple (XRP) has risen for four consecutive days amid widespread optimism in the crypto industry. At its peak, the token was up over 80% from this year’s lows.

This surge coincided with a broad cryptocurrency rally that pushed the total market value of all cryptocurrencies above $3 trillion for the first time since 2021. Bitcoin (BTC) is close to $90,000 and analysts predict it could soon reach $100,000.

Ripple’s rally is largely attributed to Donald Trump’s recent election, which could potentially ease some of the network’s legal troubles. Trump promised to replace Gary Gensler with a crypto-friendly regulator. As a result, the chamber has the potential to withdraw its objection to the court decision from October.

The end of Ripple’s legal battle with the SEC could accelerate the growth of the network and enable deals with financial services companies such as banks and money transfer firms.

Additionally, a new SEC could potentially be more inclined to approve spot XRP ETFs in the first half of next year.

The price of XRP also increased following developers’ hints about an upcoming dirham stablecoin. This launch will follow Ripple’s RLUSD stablecoin, which is backed 1:1 by the US dollar and is overseen by US regulators.

Meanwhile, XRP futures open interest exceeded $1 billion for the first time since September 30, indicating that demand is increasing. Data from CoinCarp shows that the number of XRP holders has gradually increased to over 4.8 million.

XRP price forms a golden cross XRP chart | Source: crypto.news

The daily chart shows that XRP is making a strong comeback and retesting its highest level since March 14. It briefly rose above the key resistance level at $0.6655, the September 29 peak.

In particular, XRP formed a golden crossover as the 200-day and 50-day Exponential Moving Averages formed an uptrend. The token also exhibits a very bullish cup and handle pattern.

Therefore, the XRP price is likely to continue rising, with the bulls targeting the key resistance level at $1, up 56% from the current level. This view will be invalidated if the price falls below $0.60.