The ongoing surge in Ripple’s XRP has impressed crypto analysts as the altcoin rallied to break the $1 barrier and has been trading above it for some days now. This comes amidst heavy scrutiny from the US Securities and Exchange Commission (SEC) whose chairman Gary Gensler particularly went after it.
Hence, the altcoin has been surging ever since Gensler revealed that he will be resigning from the position in January.
These developments have made crypto industry experts suggest that XRP has reached a major milestone and possibly would never go down below the $1 mark again. Earlier on November 16, XRP touched the $1 mark, a three-year high for the altcoin. This was after Gensler’s announcement that he wouldn’t be returning to office under the Trump administration.
The token rose to $1.60 over the weekend as the crypto market is anticipating an altcoin season once Bitcoin hits the $100,000 mark. The market was also upbeat about a shift towards a crypto-friendly regulatory environment for companies based in the US like Ripple. However, the price rally later cooled off.
XRP has gained 32.4% in the last one week as per data available on Sunday night while the monthly surge was 173.9% as the coin traded at $1.45. With the altcoin eyeing the $2 resistance level, crypto experts like the Bearable Bull claim that XRP will never dip below $1. Its days of below $1 are long behind.
However, not all crypto analysts are that hopeful. Some have advised a cautious approach, saying it is too early to determine whether XRP will drop below $1 again. In November last year, XRP rose to $1.26 but a price correction led it to slip below $1 on the following day.
The market still remains optimistic about XRP as seen in the continuing surge as the market opened today, November 25. As per Ripple advocate John Deaton, the altcoin will continue to rally and is likely to touch the market cap of $100 billion again.
Meanwhile, experts like CrediBULL think that XRP will soon hit an all-time high and outperform Bitcoin and Ethereum as it gained 125% in the last 3 months overcoming BTC’s 51% and ETH’s 20% surge.
At the time of writing on November 25, XRP was up 10.02% in the last 24 hours to trade at $1.47 while its trading volume has declined 6.19% to reach $11.24 billion and the market cap rose to $83.81 billion.
