XRP has been on a strong rally, reaching its highest point in over three years. As of the latest data, the altcoin is trading near $1.84, up more than 267% this month.

Several factors are fueling XRP’s growth, particularly its role in the crypto payment market, which continues to attract institutional interest and bolster its long-term prospects.

XRP Continues Growing

XRP price’s growth has been attributed to its rising demand but the altcoin’s rally is also the result of the overall shift in sentiment towards crypto assets. Juan Pellicer, Senior Researcher at IntoTheBlock discussed this with BeInCrypto.

“XRP’s had over the last 2 weeks an exceptional price performance, consistently outpacing many major cryptocurrencies. This outperformance is likely to continue, supported by XRP’s strategic positioning in the global crypto payments infrastructure and notably improved sentiment following positive regulatory developments in the US. The administration’s increasingly constructive stance toward crypto has created a favorable environment for XRP’s adoption strategy,” Pellicer told BeInCrypto.

Over the past two weeks, whale activity in the XRP market has been remarkable. Holders of between 1 million and 10 million XRP have accumulated over $1.12 billion worth of the altcoin.

This large-scale accumulation suggests strong institutional and investor confidence, especially as XRP inches closer to the $2.00 mark. The whales’ strategy indicates they believe in the long-term potential of XRP, which is vital for the altcoin’s stability.

However, this significant accumulation raises concerns about profit-taking. Many market observers are speculating that once XRP reaches a major price level, whales could start booking profits, potentially causing a pullback.

Still, given that the altcoin season is yet to unfold truly, whales are likely to hold their positions and avoid selling prematurely. This could maintain upward momentum for XRP in the short term.

XRP Price Prediction: Multi-Year Highs

XRP’s price has surged over 267% this month, currently standing at $1.84. The altcoin is nearing the psychological resistance level of $2.00, a key price point that has historically triggered major market movements. Reaching this level would mark a major milestone, signaling the market’s optimism and potential for continued growth.

If XRP successfully flips the $2.00 level into support, it could trigger increased demand, further propelling the price upward. The support at this price point would likely attract more investors, setting the stage for a push toward higher price levels. Given the ongoing momentum, XRP could target new highs in the coming weeks.

However, should the market face a broader correction or if profit-taking becomes widespread among whales, XRP may experience a pullback. In such a scenario, support at lower levels could become critical to preserving the overall bullish outlook. As it stands, XRP’s price trajectory remains positive, with a lot of potential for further growth in the near term.

Brazil’s Central Bank (BCB) has introduced a regulatory proposal to ban platforms from allowing stablecoin withdrawals to self-custody wallets.

This initiative is part of the country’s broader effort to regulate its rapidly expanding crypto sector.

Brazil Aims to Regulate Crypto With New Stablecoin Restrictions

The regulatory draft, announced on November 29, specifically targets “tokens denominated in foreign currencies.” Under the proposal, crypto exchanges in Brazil would no longer be allowed to facilitate the transfer of these stablecoins to self-custody wallets.

“The provider of virtual asset services is prohibited from transferring virtual assets denominated in foreign currency to a self-custodial portfolio,” the proposal stated.

Further, the proposal seeks to align the treatment of crypto with existing financial instruments like foreign direct investments and external credit. Virtual asset service providers would be required to comply with international financial regulations and report client information to the central bank.

The BCB highlights the potential benefits of virtual assets, including enhanced efficiency in foreign exchange services and investment options. However, the institution also notes risks such as investor protection, cybersecurity, and financial stability.

“The adoption of [virtual assets] also raises concerns, including in cases of interconnection with traditional models, involving aspects such as consumer and investor protection, privacy, cybersecurity, prevention of use for illicit purposes, financial and market integrity, and maintenance of fiscal and macroeconomic stability,” the regulator opined.

Considering this, the BCB believes its measures will bring legal clarity for businesses handling international crypto payments and foreign currency-backed digital assets.

This regulatory step comes as Brazil’s crypto market continues its rapid growth. Over the past year, Brazil’s crypto market has grown rapidly, with the country receiving over $90 billion in digital assets between July 2023 and June 2024, according to Chainalysis. Stablecoins dominate, accounting for 70% of crypto transactions moving from local to global exchanges.

Many fintech firms and exchanges in Brazil offer USD-backed stablecoins as a value-preserving option, particularly for business-to-business cross-border payments. So, market analysts warned that the Brazilian authorities’ move could hinder the sector’s progress in the Latin American country.

Notably, stablecoins have become a cornerstone of the crypto industry, with their market cap reaching a record $190 billion, according to BeInCrypto data.

The public consultation period for this proposal runs until February 28, 2025, allowing stakeholders to share feedback. However, the BCB holds the final authority on whether these inputs will influence the final framework.

November proved to be a turning point for the crypto market, and meme coins emerged as one of the best-performing sectors. In the last four weeks, following Bitcoin’s rise to $99,595, many unexpected meme tokens took the top spot, outperforming major altcoins.

Thus, BeInCrypto has analyzed five meme tokens that are showing signs of potentially becoming a top performer in the month of December.

Department of Government Efficiency (DOGE(GOV))

DOGE(GOV) reached an all-time high (ATH) of $0.545 in November, fueled by heightened interest in the US Presidential Elections. The hype surrounding the political conditions and the involvement of key figures has created a strong surge for the meme coin. However, some analysts suggest that this ATH may not be at its peak yet.

With Donald Trump’s anticipated return to office in January, alongside his announcement of the Department of Government Efficiency, led by Elon Musk, the momentum for DOGE(GOV) could intensify. Musk’s influence, combined with Trump’s backing, creates a unique synergy that could drive DOGE(GOV) to unprecedented heights. This connection may further fuel the coin’s potential rise.

Given the rapid growth of DOGE(GOV) and a 46% increase in value over the past 24 hours, it’s likely that the cryptocurrency will reach a new ATH by December. If this momentum continues, a surge toward the $1 mark seems achievable.

Bonk (BONK)

BONK reached an all-time high (ATH) of $0.00006230 earlier this month before experiencing a drawdown to $0.00004607. This fluctuation is common for meme coins, reflecting high volatility in short periods. Despite the dip, BONK continues to hold significant potential as market conditions shift.

As a Solana-based meme coin, BONK stands to benefit from the hype surrounding Solana ETFs. Given its connection to the Solana ecosystem, any positive movement for SOL could trigger a price surge for BONK. Market sentiment surrounding Solana is expected to influence the future direction of BONK’s price in the coming days.

Currently, BONK faces resistance at $0.00004736. If it fails to break this barrier, it could trigger a price pullback, stalling any bullish momentum. A failure to breach this level could hinder its attempt to form a new ATH, with potential downside risks for the coin.

Peanut the Squirrel (PNUT)

PNUT has emerged as one of the best-performing crypto assets this month, rallying by an impressive 1,416% in just one week. The meme coin reached an all-time high (ATH) of $2.50, capturing significant investor attention. This rapid price surge highlights the volatile yet high-reward potential of meme coins.

At the time of writing, PNUT is trading at $1.24, holding above critical support at $1.06. This support level is essential to maintain the coin’s upward trajectory. As long as it stays above this threshold, PNUT is likely to avoid a significant decline, preserving its bullish momentum for the near future.

The continued strength of PNUT’s bullish trend in November suggests the price could rise further. However, if the support at $1.06 is lost, the outlook could turn bearish. In that case, the price might decline to $0.44, invalidating the current bullish scenario and shifting the market sentiment.

Act 1: The AI Prophecy (ACT)

ACT is positioned at the intersection of two booming sectors in the cryptocurrency market — Artificial Intelligence (AI) and meme coins. This unique combination gives ACT a distinct advantage, as it appeals to investors looking to capitalize on both technological innovation and the viral nature of meme-driven assets.

ACT’s performance has already demonstrated the potential of its dual-sector strategy. In early November, the altcoin surged by 3,044% within a week. Over the past 24 hours, ACT experienced a 66% increase in price, showcasing its volatility and the high reward potential that often accompanies meme coins tied to trending technologies like AI.

As ACT approaches its all-time high (ATH) of $0.95, the coin faces an important threshold. If it successfully breaches this resistance, ACT could surpass $1.00, driving further gains. However, if profit-taking begins to dominate, the price could drop below the critical support of $0.44, potentially invalidating the current bullish outlook.

Pepe (PEPE)

PEPE saw an unexpected surge in November, climbing nearly 84% within just 48 hours. This rapid increase helped the meme coin reach an all-time high (ATH) of $0.00002597, surprising investors and sparking renewed interest in the coin. Its performance highlights the volatile nature of meme coins in the crypto market.

Currently trading at $0.00002091, PEPE has found support above the level of $0.00001677. This support is crucial to maintaining its bullish momentum. If the price drops below this level, it could signal significant losses for investors, leading to a shift in market sentiment and potentially further declines.

If PEPE remains a trending token, it could capitalize on the ongoing hype surrounding meme coins. This continued interest might drive the price back toward its ATH. As long as the coin holds above key support levels, there is potential for PEPE to revisit previous highs, benefiting from its meme-driven popularity.