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XRP reaches biggest high of the year with 50% appreciation in one week
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Ripple’s XRP cryptocurrency has seen an appreciation of more than 50% since the beginning of the week, reaching an annual high of US$0.853 this Friday (15).
The performance is related to a combination of factors, such as its listing on the Robinhood exchange, for example, and rumors about the possible departure of Gary Gensler, president of the United States Securities and Exchange Commission (SEC).
On Wednesday, Robinhood announced the inclusion of XRP on its platform, along with other cryptocurrencies like Solana (SOL), Cardano (ADA), and Pepe (PEPE). The listing increases the accessibility and liquidity of XRP, attracting new investors and expanding its market.
Additionally, recent comments from Gary Gensler have raised speculation about his possible resignation. During a speech on Thursday, he highlighted the honor of working with the SEC team. Many interpreted the statement as an indication of his imminent departure.
Can XRP Rise Higher?
Although there is no official confirmation, the market reacted positively. After all, new leadership at the SEC could take a more favorable approach to the cryptocurrency sector, potentially impacting the long-running legal battle between Ripple and the regulator.
On the weekly chart, XRP has broken the $0.744 resistance and is close to surpassing the next critical level at $0.863. If this happens, analysts predict that the price could reach US$1.26. This is a strategic point aligned with the 50% retracement level between the April 2021 peak (US$1.96) and the June 2022 bottom (US$0.286).
Market strength is also supported by technical indicators. Ripple’s relative strength index (RSI) on the weekly chart stands at 68, above the neutral level of 50, indicating a strong uptrend.
At the same time, Ripple achieved another significant advance with the announcement of SG-FORGE, a subsidiary of French bank Societe Generale, which plans to launch its euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger network by 2025. According to SG-FORGE, XRPL’s choice aims to leverage its cross-border payment and tokenization capabilities.
Finally, Ripple is also awaiting regulatory approval for its own stablecoin, RLUSD, which is ready for operation and expected to be launched later this year.
XRP reaches biggest high of the year with 50% appreciation in one week
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XRP reaches biggest high of the year with 50% appreciation in one week
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XRP reaches biggest high of the year with 50% appreciation in one week
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XRP reaches biggest high of the year with 50% appreciation in one week
