- • Ripple XRP surged 20% in the last 24 hours, surpassing Binance Coin (BNB) to become the 5th largest cryptocurrency by market capitalization.
- • Russia formally recognized Bitcoin, Ethereum, XRP, and other cryptocurrencies as property through new legislation, establishing a taxation framework for crypto.
- • The Reserve Bank of India (RBI) announced its collaboration with Ripple Labs for the virtual Rupee initiative, utilizing Ripple’s XRP Ledger for enhanced regulation and security.
Cryptocurrencies are highly volatile, as the past month has shown with the price action of XRP. The native token of Ripple Labs has seen tremendous growth recently, surging over 20% in the last 24 hours. This price boom has also pushed XRP’s market capitalization above Binance Coin (BNB), making it the 5th largest cryptocurrency globally.
XRP’s Impressive November Run
XRP has massively outperformed most other major cryptocurrencies over the past month. While Bitcoin has remained relatively flat, XRP has exploded higher by over 220% since late October. Early investors in XRP are reaping the rewards of this surge. Additionally, several analysts have revised their price predictions for XRP, forecasting further upside.
Regulatory Tailwinds
Part of the reason behind XRP’s rally has been positive regulatory developments overseas. This week, Russia passed legislation formally recognizing XRP and other major cryptocurrencies as legal property. The new law also establishes a taxation framework for crypto assets. Similarly, India’s central bank announced it will use Ripple’s technology to power the Digital Rupee. The regulatory clarity in these countries removes uncertainty and opens the door for greater XRP adoption.
Bullish Traders Eye Higher Levels
With XRP surging past the symbolic $1 level, traders are now looking towards $2 as the next potential target. Popular analyst DonAlt is even more bullish, noting $6.90 as a potential price point in the future if momentum continues. With prices already up over 200% in a month, some analysts say the rally may be overextended. However, positive developments fundamentally continue to support XRP’s price action.
The recent surge shows XRP catching up to the top players in the crypto space. If prices can consolidate above $1, bulls will try to make a push towards reclaiming XRP’s former spot as the 3rd largest cryptocurrency by market capitalization. With altcoins tending to move aggressively during bull markets, XRP still likely has room to run as it plays catch up.
