Ripple’s native token, XRP, has experienced a remarkable price increase of 101% over the past week. However, according to CMC data, its daily trading volume has dropped by 54.70%. Following a sluggish weekend, the crypto market has shown mixed trends. Bitcoin has remained stagnant at the $90K level, while certain altcoins, including XRP, have continued their upward trajectory. In the meantime, regulatory developments under Trump’s administration have garnered attention, with rumors circulating that Donald Trump may soon meet with crypto leaders.
Shifting back to cryptocurrency prices, Ethereum has shown only modest movements, avoiding significant breakouts. In contrast, XRP has stood out with notable price gains over the past day.
XRP’s price increased by 6.85% in the last 24 hours, reaching $1.14 at the time of writing, as per CMC data. Earlier on November 17, during the Asian afternoon hours, it was trading at $1.06 before climbing further. Notably, XRP surpassed the $1 milestone on Saturday, exciting investors. Over the past week, XRP has surged an impressive 101.9%, rising from a low of $0.50.
Will XRP’s Price Rally Persist?
XRP had been in a prolonged consolidation phase over the last two months, but the recent price breakout is supported by the Moving Average Convergence Divergence (MACD) indicator, which shows a sharp crossover of the MACD signal line above the MACD line.
XRP/USDT Daily Price Chart (Source: TradingView)
The token’s high volatility index also reflects the shift in trend, with an RVI value of 71.53 according to TradingView data. XRP’s technical indicators suggest a continued positive trend, with potential resistance levels at $1.24 and $1.32.
Meanwhile, the Ripple-SEC lawsuit remains ongoing, with little to no updates in recent weeks as focus has shifted to the U.S. elections.
