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Is XRP Price Gearing Up For 2017 Like Rally? Here’s The Key Levels To Watch
XRP price was on the investors’ radar lately, with the crypto recently soaring past the $0.61 mark. Amid this, recent comments from the Ripple community have sparked hopes over a potential rally for the crypto like 2017 to repeat, which has previously sent it to its ATH of $3.84. Besides, the anticipation over the rally also soars with growing positive sentiments in the market like potential XRP ETF approval, clear regulations in the US, and others.
XRP Price To Repeat Its 2017 Rally?
The discussions over the XRP price repeating its 2017 rally stems from Ripple CEO Brad Garlinghouse’s recent comments on the crypto. The CEO said highlights that the crypto was the “2nd most valuable digital asset” six years back, and so many things have happened since then. He has highlighted several factors like SEC’s aggressive stance on crypto, the Ripple SEC lawsuit, and other factors that may have impacted its price.
Bill Morgan also highlighted the XRP’s superiority then, highlighting that it’s now in the eighth position. However, commenting on that post, an X user said that Ripple’s crypto had dropped to 8th position in November 2017 before its “epic rally” which sent it to the second position “almost” challenging Bitcoin’s position.
Considering that the market anticipates a similar performance in the coming days, it might help it to regain its second position in the market. Besides, a top analyst also recently predicted XRP to surpass Ethereum price in the coming days, further fueling market sentiment.
Ripple Market Developments Spark Market Sentiment
A flurry of investors anticipates a major rally ahead for XRP price, given a flurry of positive developments in the market. For context, the market highly anticipates a clear regulatory path for digital assets with Donald Trump’s election win. Besides, Trump’s victory has also sparked discussions over SEC Chair Gary Gensler’s exit from the office as soon as this year.
The report of the removal of the SEC Chair has bolstered market sentiment, as many see him as an anti-crypto regulator. Considering that, a flurry of market experts expects a potential launch of the XRP ETF in the US soon. Echoing the buzz, ETF Store President Nate Geraci recently said that there could be numerous filings for XRP, Solana, and Cardano ETFs this week.
Besides, the leadership changes are also likely to help in concluding the long-running legal cases. Having said that, many anticipate a potential settlement in the Ripple SEC lawsuit with more pro-crypto individuals in the regulatory bodies.
What’s Next For XRP Price?
XRP price was up 0.4% to $0.59, while its trading volume rocketed nearly 100% to $4.32 billion. The crypto has touched a 24-hour high of $0.61, with CoinGlass data showing its Futures Open Interest falling 1% to $890.81 million.
However, despite the dip in the Futures Open Interest, a top market analyst has shared an optimistic outlook on the crypto. In a recent X post, Dark Defender said that the crypto market is expected to witness a strong rally in November, with BTC dominance soaring.
Simultaneously, it would help XRP price to break its previous pattern and hit $0.6649. In addition, the analyst noted that maintaining its value above the $0.6649 mark would help the crypto touch the brief $1 mark soon.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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