XRP has crossed $1.80 for the first time in three years after rallying 23% this week. Some analysts are now optimistic that the Ripple-issued crypto asset will soon flip the Binance Coin (BNB) to become the 5th biggest cryptocurrency by market cap.
XRP Users Increase by Over 100% This Month
XRP has posted massive gains in November, rallying 235%. What’s more, onchain data shows growth in the number of active users on the XRP network. According to Xrpscan, active XRP users have risen from 15,557 on November 1st to 47,729 as of this writing. Additionally, the average number of daily users has increased to 23,654, up from 12,963.
But why is the sentiment around the XRP ecosystem turning bullish? Well, Ripple Labs announced earlier this week its partnership with crypto exchange Archax to bring a tokenized money market fund to the XRP ledger. Furthermore, the organization has invested in Bitwise’s XRP ETP, which gives European investors exposure to the XRP ecosystem.
Another potential factor boosting XRP’s price is the rising optimism that the regulatory war between the US Securities and Exchange Commission and Ripple Labs could end soon, following the agency’s Chair Gary Gensler’s decision to leave office when Donald Trump occupies the White House.
Can XRP Hit the $2 Mark?
XRP rallied above $1.80 after breaking out of the bull flag pattern on Friday. With a new higher high already formed, the token may continue trending upwards. The first key resistance that traders must keep an eye on is $1.95. If XRP breaks above that level, it could cross $2 and reach $2.04, where selling is likely.
According to crypto analyst Mikybull, XRP could retrace to $1.80 after reaching $2. He expects the buyers to push the token to $10 by the end of this bull cycle.
How Have Other Top Cryptocurrencies Performed in November?
All the top ten crypto assets have mirrored XRP’s performance this month. Bitcoin is closing November with gains of 33%, Ethereum and Solana are up 38%, BNB has rallied 12.5%, while Dogecoin and Cardano have surged 148% and 204%, respectively. Several analysts expect these digital assets to continue performing well in December, with Bitcoin and Ethereum expected to cross $100,000 and $4,000, respectively.
