XRP continues its bullish rally with price nearing $1.20

The Ripple token, XRP, has been on a week-long rally as the price inches closer and closer to $1.20. The XRP token has soared by nearly 10% in the past 24 hours.

According to data from crypto.news, Ripple(XRP) continues to ride the high wave as it soars by 9.49% in the past 24 hours. At the time of writing, the token is currently trading hands at $1.17. Since early November, the XRP token has been steadily climbing up until it reached $1.19 on Nov. 17.

In the past seven days, Ripple’s native token has gone up by 101.94%. Meanwhile, in the past month the token has shot up by 114.33%.

XRP is ranked at number 6 on the cryptocurrency leader board, with a market cap of $66.5 billion. The token has a fully diluted valuation of more than $116 billion and a current circulating supply of nearly $100 billion.

XRP price chart in the past month of trading, November 18, 2024 | Source: crypto.news

XRP has been one of many major cryptocurrencies experiencing a rally on the heels of Bitcoin’s explosive rise to new all-time highs almost every week. One crypto analyst on X with the username @Cryptoinsightuk predicted that XRP “looks ready to erupt” in the middle of the ongoing rally.

Other crypto traders on X also seem to have high hopes towards XRP’s continued growth. As previously reported by crypto.news, XRP has been on a “record-breaking rally” with a meteoric 30% surge on Nov. 17.

Based on the report, Coincodex predicted that the token’s price could fall somewhere between $0.69 and $3.09, with an average price of $1.66. Meanwhile, DigitalCoinPrice believes that XRP is capable of reaching $2.46 until $2.96, with an average price prediction of $2.80.

SEC vs XRP coming to a close?

One of the possible reasons for its recent high-rise — aside from Bitcoin’s market dominance — are the rumors circulating about SEC Chairman Gary Gensler stepping down from his post. These rumors have fueled a fresh wave of optimism into the crypto market, especially for Ripple’s XRP.

Since December 2020, Ripple Labs and the SEC have been engaging in a legal battle over the agency’s accusations that the company sold XRP as an unregistered security. In July 2023, the court officially ruled that certain XRP sales did not count as securities transactions.

However, that did not stop SEC from filing an appeal that claimed the court’s ruling contradicted “decades of Supreme Court precedent.” In October 2024, Ripple Labs filed a cross-appeal which listed the issues the company planned to raise against the SEC, indicating that the lawsuit is far from over.