Since the start of November, the crypto market has been in the midst of a monumental bull run. With Bitcoin reaching an all-time high of $89,000, there has been nothing but optimism within the digital asset sector, leading many to ponder if Ripple (XRP) could see its price bound for a $1 surge this month.
The 2024 presidential election saw Donald Trump emerge victorious over Kamala Harris. Now, the country is set to see the impending commander-in-chief be the first pro-crypto president the nation has ever seen. With regulatory clarity on the horizon, Ripple may be bound to be one of the greatest beneficiaries.
Ripple Price Prediction: Is Now the Time for XRP to Reach a $1 Price?
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Over the last several years, Ripple (XRP) has struggled immensely with its operations in the United States. Specifically, it has found itself engaged in a legal battle with the US Securities and Exchange Commission (SEC) that is ongoing. Yet, changes in the White House could see that set to shift.
With Gary Gensler looking to be on the outs, there are a host of tokens that could benefit from favorable regulation. With president-elect Donald Trump, that looks like it’s certainly nearing. As the crypto market is engrossed in a massive bull market, the XRP price could be on pace for $1 as early as this month.
The cryptocurrency is up more than 16% in the last 24 hours, according to CoinMarketCap. Moreover, it has increased 30% in the last month to trade just below the $0.70 mark. Now, with Ripple breaking out of a four-year descending triangle pattern, all signs are pointing up.
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That negative pattern has continually denied the asset’s potential movement upward. Moreover, its Relative Strength Index (RSI) is above the 59.83 mark. That is definitely positive, as it is below overbought but still bullish.
Bitcoin has brought forth increased bullish momentum into the industry. The asset has not just performed well; it has dominated. The token broke through the $83,000 mark to eventually set a $89,000 all-time high to start the week.
That could be set to benefit Ripple also, as it looks to drive up alongside the leading crypto, with support from its own sentiments. Moreover, the arrival of Ripple’s stablecoin option provides an increased reason to be optimistic about its potential.
Is November Too Soon for a $1 XRP?
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On its current trajectory, XRP hitting $1 appears to be an inevitability. However, the question is, when can it reach that level? The circumstances within the current market could propel, but there are still some obstacles.
With the descending triangle breakout, the mark looks to be reachable in the medium term. That could prove to be enough to have XRP target $1 by the end of the month, or at the start of December.
Either way, it does look as though Ripple will reach the landmark before the start of the new year. For that to be the case, however, it will need to continue to maintain strong support and fend off attempts for buying pressure to increase too heavily, too quickly.