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XRP Price Skyrockets To 2-Year High, What Next?
XRP price has surged to $0.91, marking its highest level in two years. This bullish momentum comes amid growing trading volume, legal developments, and regulatory shifts in the cryptocurrency market.
XRP Price Skyrockets To 2-Year High
XRP’s recent price surge is being attributed to a breakout from a symmetrical triangle pattern on its price chart. This pattern is often associated with strong price movements in either direction and in XRP’s case, the breakout has been upward.
Analysts have pointed to similarities with XRP’s price behavior in 2017, with some projecting targets of $1.96 by the end of the month and $4.80 by late 2024 if the trend holds.
The increase in XRP’s price is backed by heightened market activity. Trading volume has risen by over 126% in the past 24 hours, reaching $17.57 billion. Open interest in XRP derivatives has also grown by 12%, indicating that traders are placing new bets on further price movements.
Whale activity has also increased, with large transactions being reported on-chain. A transfer of 60 million XRP, valued at approximately $52.8 million, between unknown wallets was flagged by Whale Alert. Such activity often signals institutional involvement or preparations for significant market moves.
Ripple Labs Vs SEC Major Development
Ongoing legal disputes between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have played a pivotal role in XRP’s recent performance. A court order was recently granted in favor of Ripple Labs, CEO Brad Garlinghouse, and XRP II LLC, affirming a joint request for final judgment and a stay on certain claims.
The SEC, led by Chair Gary Gensler, has faced mounting criticism for its regulatory approach toward digital assets. A lawsuit filed by 18 U.S. states against the SEC alleges unconstitutional overreach in crypto regulation. Market participants are optimistic that these developments could lead to a resolution of Ripple’s legal challenges and provide regulatory clarity for XRP.
ALERT: @xrp shooting higher as a brigade of GOP attorneys general sue the SEC for alleged regulatory overreach of #crypto. EXCLUSIVE reaction 3:30pET w/ @Ripple CEO @bgarlinghouse, Do not miss it! @EleanorTerrett
— Liz Claman (@LizClaman) November 15, 2024
Ripple CEO Brad Garlinghouse commented on social media regarding recent industry milestones, including Bitwise’s ETF filing that includes XRP exposure. “XRP, BTC, ETH, SOL — that’s the alphabet soup I like to see,” he stated. Legal clarity for XRP could pave the way for broader adoption of Ripple’s technology and the XRP Ledger.
What’s Next for The XRP Price?
XRP price is now testing key resistance levels near $1.00, a psychological and technical milestone for the digital asset.
Analysts suggest that if XRP can maintain momentum and break above $1.00, the next target could be $1.32. Sustained trading volume and open interest will be critical for confirming the strength of this bullish trend.
Market watchers are also closely monitoring institutional activity on the XRP Ledger, with reports indicating that capital from other blockchain ecosystems may be entering XRPL.
If this trend continues, XRP could see further price appreciation and adoption in the coming months. At press time, XRP price was trading at $0.8909, a $14.45 surge from the intra-day low.
Regulatory Shifts Create Optimism for Crypto Market
The broader cryptocurrency market has also gained momentum, with its total market capitalization nearing the all-time high set in 2021. XRP’s performance appears to benefit from this overall market enthusiasm, as well as regulatory optimism.
The resignation of Gary Gensler as SEC Chair has been widely speculated following the U.S. elections, with crypto commentators predicting a friendlier regulatory environment under new leadership. Grayscale and Bitwise have both filed applications for cryptocurrency ETFs that include XRP, reflecting growing confidence in the token’s future.
The deployment of new stablecoins on the XRP Ledger is also drawing attention. Societe Generale-Forge recently announced plans to integrate the EURCV stablecoin on the XRPL in 2025. This move aligns with the company’s strategy to operate across multiple blockchain protocols, having previously launched EURCV on Ethereum and Solana.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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The Mantra team has addressed the crypto community following the Mantra (OM) token price crash of over 80% in the last 24 hours. Despite the statement, the community is still concerned that this might have been a rug pull by the team, which controls a huge amount of the token’s total supply.
Mantra Team Responds Following Token Crash
In an X post, the Mantra team assured the community that the token is “fundamentally strong” despite the crash that occurred in the last 24 hours. The team blamed the crash on “reckless liquidations” and denied it had anything to do with the project.
They further assured that this had nothing to do with the team and revealed that they were looking into the Mantra price crash and would share more details about what happened as soon as possible.
In an X post, the project’s co-founder, John Patrick Mullin, further revealed that there was a massive forced liquidation from a large OM investor on a Centralized Exchange (CEX). However, he didn’t reveal whether it was one of the top crypto exchanges.
In another X post, Mullin tried to set the record straight. He stated that they didn’t delete the Telegram channel. He further remarked that the team’s tokens all remain in custody and provided a wallet address (mantra…..quam) for community members to verify this claim.
The Mantra co-founder added that they are actively figuring out why these massive forced liquidations occurred and will provide more information as soon as possible. He assured that they are still here and not going anywhere.
Mantra Price Crashes By Over 80% In 24 Hours
CoinMarketCap data shows that the Mantra price has crashed by over 80% in the last 24 hours. The token sharply dropped from an intra-day high of $6.3 to as low as $0.4. However, it has reclaimed the $1 price level following the team’s statement.
However, amid this statement, some community members still seem convinced that this was a rug pull, as the team controls a huge amount of the token’s supply. Crypto commentator Sjuul described the OM token as the LUNA of this cycle.
He further explained why the community believes the crash was a rug pull, stating that the crash began when a wallet believed to be connected to the team suddenly deposited 3.9 million OM tokens to the OKX crypto exchange. This deposit led to significant selling pressure, which caused the Mantra price to crash.
Besides the token’s crash, the broader crypto market is witnessing a downtrend following US President Donald Trump’s statement in which he debunked reports of an exemption. This comes just a day after the crypto market rebounded following reports that the US president had exempted computers, phones, and chips from his tariffs on China and other countries.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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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Michael Saylor Hints At Another MicroStrategy Bitcoin Purchase, BTC Price To Rally?
MicroStrategy is lacing up for a potential Bitcoin purchase after Michael Saylor flashed the tell-tale buy signal. The incoming purchase will be the company’s first in Q2 after pausing Bitcoin purchases at the start of April in an eyebrow-raising move.
Michael Saylor Flashes Bitcoin Buy Signal
MicroStrategy CEO Michael Saylor has dropped clues that the software company will continue its Bitcoin accumulation spree. In an X post, Saylor shared MicroStrategy’s portfolio tracker revealing the company’s Bitcoin holdings and valuations.
Michael Saylor’s previous posts sharing Microstrategy’s portfolio tracker over the weekend have resulted in purchases at the start of the week. Investors are lapping up Saylor’s portfolio tracker post and the accompanying caption as cues for a BTC purchase on Monday.
“No tariffs on Orange Dots,” said Saylor, taking a jibe at brewing tariff wars between the US and China.
MicroStrategy had previously halted its Bitcoin purchase spree at the start of April leading to a slump in MSTR price. At the time, there was significant chatter that MicroStrategy may be forced to offload its Bitcoin holdings to cover obligations following a dip in prices.
Per the portfolio tracker, MicroStrategy holds 528,185 BTC on its balance sheet valued at $44.7 billion. Michael Saylor hinting at a potential Bitcoin purchase follows a small dip in prices with BTC holding the $83K mark.
Will Bitcoin Price Rally?
Saylor’s hint at buying Bitcoin has triggered a small bump in prices as the top cryptocurrency surpassed $83K. However, an actual purchase will trigger a significant price action for BTC in line with previous accumulations.
MicroStrategy’s last Bitcoin purchase of 22,048 BTC jolted the markets in line with investors’ expectations. However, there are fears that macroeconomic events like the US-China tariff war may affect a potential BTC rally following MicroStrategy’s incoming purchase.
Bitcoin price has rebounded after a previous bloodbath, sparking fresh optimism in the markets. Crypto Joao Wedson predicts that Bitcoin is not out of the woods yet and a grim drop to $65K is still a possibility for the top cryptocurrency.
“We’re not ruling out the possibility of the price dipping below $65K, as several metrics point to that region as strong support – such as the True Market Mean Price and Alpha Price, both sitting exactly around $64,700,” said Wedson.
Crypto analyst Doctor Profit warns that a BTC price drop to these levels may force MicroStrategy to sell MSTR to avoid liquidation.
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The memecoin ecosystem has joined the latest revival in the broader market, with the Shiba Inu price now in the spotlight. The memecoin has reset its bearish outlook and will break crucial price milestones in the coming days.
For Shiba Inu, the death cross formation was confirmed on April 6 when the price dropped from $0.00001232 to a low of $0.00001030.
Shiba Inu Price Golden Cross Confirmed
Market data shows that the SHIB price is gradually disappearing from its earlier consolidation trend. At the time of writing, the coin’s price was changing hands for $0.00001249, up by 2.14% in 24 hours.
SHIB recovered after trading at a low price of $0.00001205 to a daily high of $0.00001265 before settling at the current level. This price boost comes as the SHIB burn rate jumped 1000% in early trading, setting the memecoin on a possible revival path.
The SHIB/USDT 4h chart confirms a golden cross pattern for the memecoin. This pattern is formed when the short-term Moving Average switches above the longer-term moving average.
Although this pattern is fully formed on the 4-hour chart, it is yet to form on the daily chart. However, with the current momentum, a confirmed breakout is possible. Already, the token has displaced Hedera and now ranks as the 17th largest cryptocurrency.
Shibarium Catalyst for Price Rebound
Different ecosystem factors can boost the price of Shiba Inu in the long term. One of these factors is closely tied to the outlook of Shibarium and its associated Layer-2 scaling solution.
As reported earlier by CoinGape, the Shibarium 200 million addresses milestone is near. If the network attains this landmark, it will show a clear sign of growing adoption, a move that might boost its token valuation.
Already, Shibarium has broken the 1 billion total transaction milestone. Should the Shiba Inu network continue to record organic growth, its chances of outranking Dogecoin is higher.
Amid the ongoing boost, the question remains how high the memecoin could soar. Drawing on this, a potential SHIB retest of its ATH of $0.00008844 is possible moving forward. While it will require as much as a 710% growth from current levels, SHIB can print this uptick, drawing on its historical trend.
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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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