Ripple’s (XRP) price has shattered a nearly three-year-long barrier, climbing to $1 for the first time since November 2021. The milestone comes amid renewed optimism in the cryptocurrency market, fueled by bullish sentiment following rising interest and demand for the token. 

With trading volumes spiking and investor confidence rebounding, the question now is whether XRP can sustain this momentum or if a correction is on the horizon.

The Ripple Token Breaks $1 Barrier After Almost Three Years

Earlier today, XRP’s price was $0.85. However, after a bullish engulfing candle appeared on the chart, the price spiked to $1.02, marking the first time the token had hit this level since the 2021 bull market.

This price increase coincides with the positive development around the altcoin since Donald Trump’s emergence as US president. But besides that, there have been several reasons why the Ripple native token has rallied to this point.

For instance, speculation around a potential XRP ETF has been gaining traction. Additionally, the altcoin experienced a significant uptick in institutional demand recently, coupled with its listing on Robinhood. These developments suggest rising interest in XRP within the U.S. market.

Furthermore, speculation that SEC Chair Gary Gensler, who has led the legal battles against Ripple, might resign has added to the momentum behind XRP’s surge. 

From an on-chain perspective, the increase in Open Interest (OI) appears to have been a significant driver of XRP’s momentum. Data from Coinglass shows that XRP’s OI surpassed $1 billion for the first time in August 2023 — after Ripple’s partial victory over the US SEC, highlighting heightened speculative activity around the token.

In terms of price movement, if OI continues to climb, XRP’s price could sustain its uptrend. This is because a high OI reflects increased liquidity in the derivatives market, which often fuels stronger price movements.

XRP Price Prediction: Overbought, But Rally May Go Ahead

XRP’s breakout began around November 5 when bulls vigorously defended the $0.50 support. Since then, XRP price has increased by over 100%. 

While the Relative Strength Index (RSI) on the 3-day chart shows that the XRP $1 price has entered overbought territory, bulls continue to push for further gains.

The Bull Bear Power (BBP) confirms this, as it measures the strength of bullish versus bearish forces. An increasing BBP shows that bulls are in control, while a decreasing BBP signals bearish dominance.

Currently, the BBP forms a large green histogram, indicating that bulls are driving the price higher. If this momentum holds, XRP could climb to $1.40. However, if sentiment shifts to the bearish side, the price may drop to $0.64.

In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse praised Trump’s potential impact on crypto. Specifically, he claimed that US assets like XRP have been surging since the election, and the future of friendly regulation holds massive investor potential.

Garlinghouse also stated that the US crypto industry has unlocked $800 billion in value gains and business opportunities.

Garlinghouse: Bullish on Trump

Ripple CEO Brad Garlinghouse recently appeared in an interview with Fox Business, discussing the crypto industry’s opportunities under a second Trump Presidency. When asked, Garlinghouse neither confirmed nor denied that he has met with Trump since the election, but he was extremely bullish about the planned pro-crypto regulatory push.

“What a difference ten days makes! We for years in the United States have had an attack on the crypto industry. It’s been war. The crypto industry embraced Trump, Trump has embraced the crypto industry… I think he’s very genuine. I’m very excited about what the future holds,” Garlinghouse claimed.

Liz Claman, the Fox anchor conducting the interview, mentioned XRP’s recent price jumps, which Garlinghouse used as a springboard. Specifically, he pointed out: “since Election Day, the best-performing cryptoassets are all US companies or US technologies.” This answer may or may not include Bitcoin, as many assume Satoshi to be American.

There are several more straightforward examples, however, which Garlinghouse discussed. Anticipating a regulatory shift, Robinhood listed several US assets like Ripple or Cardano, both of which saw huge gains. Additionally, Solana qualifies for this category, as Solana Labs was founded in San Francisco. It is unclear, however, where Ethereum fits into this picture.

Garlinghouse was quite clear in his assessment of these bullish developments: US markets anticipate a friendlier regulatory environment. He saluted 18 states’ recent lawsuit against the SEC with the phrase “welcome to the party,” and also mentioned excitement at Gary Gensler’s impending retirement. Together, these developments could potentially transform the entire industry.

All in all, Garlinghouse gave a straightforward and bullish argument for crypto under Trump, with a significant platform and easily digestible data. He claimed that the end of Gary Gensler’s “war on crypto” unlocked $800 billion in the US crypto industry through sheer price valuation and business opportunities alone.

“The US is finally unlocking this hostility. I’m surprised they didn’t do it sooner, but I’m glad they did it now,” Garlinghouse concluded.

The second week of November 2024 was an eventful one for the crypto market, such that many altcoins in the top 100 registered notable gains. However, out of these lots, BeInCrypto observed that the top altcoin gainers all fell into the meme coin category.

For some market observers, that may not be surprising as meme coins seem to have led gains on a number of occasions this cycle. That said, the top three altcoin gainers include Peanut the Squirrel (PNUT), frog-themed Pepe (PEPE), and Solana-based Bonk (BONK).

Peanut the Squirrel (PNUT)

PNUT, a token that recently gained attention, tops the list of the top altcoin gainers with an astonishing 2,091% surge over the past seven days. This dramatic rally was driven primarily by a surprise Binance listing, which sent shockwaves through the market.

While the development caused controversy, the meme coin’s market cap surpassed the $1 billion mark and is only inches away from reaching the $2 billion mark. On the 4-hour chart, PNUT’s price is $1.84, 25% down from its all-time high.

From the looks of things, PNUT’s price might face profit-taking. If that happens, the token’s value could drop to $1.33. 

However, a shift toward bullish sentiment could invalidate this thesis. In that scenario, PNUT could hit $2.16 or rally toward a new all-time high of $2.50.

Pepe (PEPE)

PEPE’s price skyrocketed by 118% this week, reaching a new all-time high. This performance secures its spot among the top altcoin gainers of the week. According to BeInCrypto’s findings, the token rallied for two reasons.

First, US-based brokerage firm Robinhood announced that it had listed it. Around the same period, Coinbase also confirmed doing the same on its spot market. As a result, PEPE’s price moved from $0.000013 to $0.000023 within a few days.

On the daily chart, PEPE has faced resistance at $0.000023, suggesting that bears are working toward pulling the price back. However, bulls also appear to be defending support at $0.000021.

Should bulls win the battle, then the meme coin could rally to a new all-time high of around $0.000026. On the other hand, a rise in selling pressure could render this thesis null and void, and PEPE could drop to $0.000016.

Bonk (BONK)

Bonk surged over 100% this week, securing its position among the top altcoin gainers amid a broader rally in meme coin prices. As previously reported by BeInCrypto, a key driver behind this spike was its listing on Binance US.

The listing sparked a surge in demand for the Solana-based meme coin, fueling its impressive performance. Like Pepe, BONK’s price also surged to a new all-time high. 

Currently trading at $0.000043, the daily chart shows that the token is well above the 20 and 50 Exponential Moving Averages (EMAs). The EMA measures trend direction over a period of time. When the price is below it, the trend is bearish.

However, since BONK is above both, it indicates that the trend is bullish. Should this remain the same, the altcoin’s price could rally toward $0.000049. On the flip side, a pushback by sellers might invalidate this bias, and this could draw the price back to $0.000037.