After Bitcoin, which is approaching the $44,000 mark, XRP has also started to move up. Over the past 24 hours, the price of this token has increased by 2.1%, and by 9% in a week.
This increase is partly due to an increase in financing rates in futures markets, which indicates an increase in bullish speculation. This unexpected growth has led to speculation about the possibility of XRP reaching the important $1 level in 2024.
On the monthly XRP chart, perhaps the most significant bullish flag has formed after the peak in 2018, when the price reached $3.84. Despite Ripple's legal problems with the SEC in 2020, which made it difficult for prices to recover, the overall dynamics of XRP still led to the emergence of this bullish model.
Another factor that affects the price of XRP is speculation regarding Ripple's IPO. These speculations began after the company announced its intention to hire a senior shareholder relations manager in major financial centers. The tasks of this vacancy are usually related to preparing for an IPO, including managing investor relations and interacting with shareholders and analysts.
At the moment, the price of XRP is $0.6343, with an increase of 2.81% in the last 24 hours and a positive trend of 2.2% in the last 30 days.
Over the past year, the price of this asset has increased by 81.9%, which exceeds the average growth of 52% among the 100 largest cryptocurrencies. The token is currently trading above the 200-day simple moving average and has demonstrated 17 "green" days out of the last 30 (57%).
