Ripple-affiliated XRP is gaining attention as it nears a horizontal resistance level at $1.6, according to 100eyes Crypto Scanner. Over the past 24 hours, XRP has surged by 6%, outperforming all top-10 cryptocurrencies. In comparison, Bitcoin’s price rose a modest 0.4%. The strong performance suggests that XRP may have been a popular topic at Thanksgiving discussions.
Record Monthly Gains Signal Optimism
XRP’s recent rally pushed its November gains to an impressive 207%, with only a day left in the month. If the token maintains its current momentum, it will secure its best monthly performance since December 2017. The market capitalization of XRP is also climbing rapidly, bringing it closer to the coveted $100 billion club.
Related article: XRP Breaks Barriers: Golden Cross Fuels New Price Targets
In the past, XRP briefly overtook Ethereum (ETH) in 2018 to claim the position of the second-largest cryptocurrency by market cap. Currently, it ranks fifth, trailing behind Binance Coin (BNB) and Solana (SOL).
Source: CoinMarketCap
A decisive breakout above the $1.6 resistance level may lead to a stronger rally for XRP. Analysts believe that such a move could bring the token closer to the $2 mark, offering more upside potential for investors. The ongoing price surge aligns with increasing excitement around a potential XRP exchange-traded fund (ETF) in the U.S.
XRP ETF Hopes Drive Market Sentiment
The buzz around an XRP ETF continues to grow, with WisdomTree recently submitting an application. Market experts view the approval of an XRP ETF as increasingly likely. If approved, it could further fuel demand for the token and attract institutional investors.
Related article: XRP Payment Volumes Plummet: Is the Rally Losing Steam?
Adding to the bullish outlook, news of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s impending departure has boosted investor confidence. Former SEC Commissioner Paul Atkins is currently the top candidate to replace Gensler, which many see as a positive development for the crypto industry.
XRP recently became available to Robinhood users in the U.S., alongside other tokens. This development expands access to retail investors and could contribute to higher trading volumes. With multiple bullish factors in play, XRP’s outlook remains strong as it approaches a key resistance level.
