XRP Breaks $1, But Can It Overcome SEC Lawsuit and Thrive?

• XRP’s $1 surge sparks optimism, fueled by potential ETF approval and regulatory shifts.
• Whale activity signals strong investor confidence, with 18% of XRP’s supply acquired.
• XRP faces resistance at $1.12, while $1.09 support holds the key for future stability.

XRP broke the $1 threshold, reigniting optimism among investors. This is the first time XRP has reached this level since 2021.

This milestone comes as investors eagerly await key events that could shape XRP’s future, including potential regulatory changes and the possibility of an XRP ETF approval in the US.

Market Drivers Fueling XRP’s Rise

The prospect of an XRP-based exchange-traded fund (ETF) has generated substantial excitement within the cryptocurrency market. Major financial institutions have filed for such ETFs, signaling a growing acceptance of XRP in mainstream finance. 

If approved, this move could enhance the digital asset’s credibility and attract new investors, boosting its price further. Consequently, the potential approval serves as a critical point of interest for market watchers.

Additionally, speculation surrounding potential changes within the U.S. Securities and Exchange Commission (SEC) has contributed to positive sentiment. XRP supporters are watching developments involving SEC Chair Gary Gensler.

Hints of Gensler’s potential resignation caused a spike in XRP’s value, pushing it up 20%. The belief that regulatory changes could create a more favorable environment for XRP has invigorated the community.

Whale Accumulation

Beyond these developments, notable whale activity has emerged. Crypto analyst Armando Pantoja notes that large-scale investors accumulated approximately 453.3 million XRP tokens ($526 million) within a week.

$XRP whales quietly bought 453.3M tokens, $526M in a week—18% of the supply.

The most accumulation by whales in almost 3 years.

They know what most refuse to accept…something big is coming #XRP pic.twitter.com/bLrGMrd6fc

— Armando Pantoja (@_TallGuyTycoon)
November 18, 2024

This represents nearly 18% of the total supply and is the highest whale accumulation in almost three years. This indicates strong confidence among large investors. Such accumulation often hints at an underlying shift in market sentiment.

Recent Price Movements and Resistance Levels

Despite the bullish outlook, XRP has faced price fluctuations over the last 24 hours. The day began with a price near $1.1163, but consistent selling pressure pushed it down to approximately $1.09. This decline highlights challenges in maintaining upward momentum.

Source: Coinmarketcap

Key resistance levels were identified at $1.12 and $1.11, where the price met repeated resistance throughout the day. The failure to break past these points suggests that buyers need stronger momentum. 

However, $1.09 has emerged as a short-term support level. If this support fails, the next likely support could be around $1.08.

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