The Ripple-affiliated XRP cryptocurrency has been showing impressive growth recently, drawing the attention of investors.
Current XRP Dynamics
According to 100eyes Crypto Scanner, XRP is approaching horizontal resistance near the $1.60 level. The token has surged by 6% over the past 24 hours, outperforming all top 10 cryptocurrencies, including Bitcoin, which is up only 0.4%.
History and Market Position
XRP has increased by 207% in November so far, and if it holds its gains, it could mark its best month since December 2017. In 2018, XRP briefly surpassed Ethereum to become the second-largest cryptocurrency by market capitalization, and it is currently in fifth place after BNB and Solana.
Growth Factors and Prospects
The price rally coincided with growing buzz around a potential XRP ETF in the U.S. WisdomTree recently submitted an application to launch such a product. Investor attention is also focused on the possible change of SEC leadership.
Given recent developments and market sentiment, XRP might continue its upward trend, approaching the $2 mark.
