The Ripple-affiliated XRP cryptocurrency is currently confronting horizontal resistance near the $1.6 level, as indicated by the 100eyes Crypto Scanner. Over the past 24 hours, the XRP token has experienced a 6% increase, surpassing all of the top 10 cryptocurrencies.
For example, Bitcoin has only increased by a meager 0.4%. It appears that numerous individuals were recommending the most prominent cryptocurrency at the Thanksgiving dinner table. With only two days remaining to conclude the month, XRP has experienced a remarkable 207% increase this November.
The token will achieve its most successful month since December 2017 if it is able to maintain its advantages.
The market capitalization of the Ripple-linked token is rapidly approaching $100 billion.
XRP momentarily surpassed Ethereum (ETH) in 2018 to become the second-largest cryptocurrency by market capitalization. It is presently in fifth place, still lagging behind Solana (SOL) and BNB.
The O.G. altcoin may experience an even more robust rally if it surpasses the aforementioned resistance level. The token may begin to approach the $2 threshold.
The price increase was in tandem with the increasing interest in the XRP ETF in the United States, and WisdomTree was the most recent issuer to submit an application. It is becoming more probable that this product will be approved at some point in the future.
The forthcoming departure of Gary Gensler, the SEC Chair who is anti-crypto, also emerged as a significant bullish catalyst. At present, Paul Atkins, a former member of the Securities and Exchange Commission (SEC), is the most prominent candidate to succeed Gensler.
