XRP Hits $1, Soars 75% This Week – Eyes New Highs for 2024

XRP has reached $1.04, marking a 15% increase in the past 24 hours and a 75% rally this week, with a trading volume of $15 billion. This surge stems from speculation about SEC Chair Gary Gensler’s potential resignation and Ripple’s recent legal progress.

Gensler, known for his hardline stance on cryptocurrencies, hinted at stepping down during a speech reflecting on his tenure, fueling hopes for a more crypto-friendly SEC leadership.

Ripple also secured a partial legal victory as a U.S. judge paused certain claims in its case with the SEC, signaling progress toward a favorable outcome. If Gensler steps down, the SEC could drop its appeal, strengthening Ripple’s position further.

With the incoming Trump administration signaling support for cryptocurrency innovation and regulatory clarity, XRP stands to gain from possible advancements such as crypto ETF approvals. These developments paint a promising picture for XRP’s long-term trajectory.

Whale Accumulation Supports XRP’s Rally

Large XRP holders, commonly referred to as whale and shark wallets, are driving the bullish momentum. These wallets now hold 45.61 billion XRP tokens—the highest accumulation since June 2018.

Over the past two years, these investors have added 3.44 billion XRP to their holdings, signaling strong confidence in the cryptocurrency’s future.

The rising accumulation has fueled XRP’s remarkable 40% return in the last week, reaffirming the market’s renewed interest.

Influential voices in the crypto space, such as @MikybullCrypto, are forecasting further rallies, with predictions of XRP reaching new all-time highs by March 2025.

XRP Price Prediction: XRP Surges 75% to $1, Targets $1.16

XRP has broken out of a multi-month symmetrical triangle on the weekly chart, overcoming its $0.6250 resistance.

This bullish breakout, reinforced by a strong engulfing candle, has driven XRP above the $1 mark—a key psychological threshold that indicates growing upward momentum.

The breakout points to further gains, with immediate resistance at $1.16. A continued rally could see XRP testing $1.41 and $1.69, in line with Fibonacci extension levels.

On the downside, support is noted at $0.95, with stronger zones at $0.74 and $0.62 providing a cushion against any pullbacks.

Technical indicators back this bullish scenario. The RSI has climbed to 76.37, reflecting heightened buying interest, though caution is warranted at these elevated levels.

Additionally, the 50-day EMA, now at $0.6250, has transitioned into solid support, further validating the breakout.

XRP’s move above $1, combined with the symmetrical triangle breakout, suggests sustained bullish momentum. A hold above $1.16 could pave the way to $1.41 and $1.69, while any pullbacks toward $0.95 may serve as consolidation before another leg higher.

Conclusion

XRP’s surge past $1 has captured market attention, driven by both technical and fundamental factors. Rumors surrounding SEC Chair Gensler’s resignation and Ripple’s legal advancements have elevated confidence.

Additionally, whale accumulation underscores sustained interest in XRP as a long-term investment. With resistance levels at $1.16 and $1.41 in sight, XRP appears poised for further gains, though traders should watch for overbought conditions near-term.

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