XRP Surges Past $2.40: Trump Effect Drives Historic Bull Run in 2024
Political Shifts Fuel XRP’s Momentum
November 2024 has emerged as a watershed moment for XRP, with the cryptocurrency experiencing a staggering 280% growth on Binance.
While impressive, this rally still falls short of December 2017’s historic 740% surge.
The bull run continues into December, with an additional 23% gain, though market volatility remains a constant factor.
Trump’s SEC Nominee Sparks Market Optimism
The nomination of Paul Atkins, a known crypto advocate, as potential SEC chair replacement for Gary Gensler has catalyzed significant market movement.
The Financial Times’ dubbed “crypto advocate” is known for his pro-fintech stance and advocacy for reduced cryptocurrency market barriers, though his acceptance of the position remains uncertain.
Ripple’s Strategic Moves and Temporary Setbacks
Despite overall market optimism, Ripple faced a minor setback with the delayed launch of their $RLUSD stablecoin, pending New York Department of Financial Services (NYSDFS) approval.
However, market sentiment suggests this temporary disappointment may be short-lived.
Technical Analysis Points to Further Growth
The technical landscape remains bullish, with XRP successfully completing several classic patterns:
- Late November saw a “pennant” pattern breakout reaching $1.38-1.44
- A subsequent bullish “flag” pattern emerged and broke upward
- Current resistance sits at $2.8570, with potential for further growth
Future Price Targets and Volume Analysis
Strong bullish momentum, supported by increasing trading volumes during price advances and decreased volumes during corrections, suggests a healthy uptrend.
A breakthrough above $2.8670 could pave the way to the historic target of $3.55, representing a new all-time high for XRP.
