XRP has recorded a massive uptick in the ongoing bullish run on the broader cryptocurrency market. Positive market sentiment has resurfaced, pushing XRP to breach three resistance levels of $1.20, $1.30 and $1.40. The coin is now on the verge of marking a major milestone — breaching the $1.50 level.
XRP eyes higher milestones
Thus far this week, investors anticipated the token’s climb to this level as its large community continued supporting it despite its regulatory challenges.
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In earlier trading within the past seven days, the token had soared to $1.62 before experiencing a price correction amid market volatility. The news of Securities and Exchange Commission (SEC) Chair Gary Gensler’s planned departure also pushed the token to that price level.
The fluctuation saw XRP dip to $1.29 as the token struggled to stay above the critical $1.20 support level. However, following an announcement of a collaboration between Archax and Ripple Labs, XRP began another rebound
XRP 1D Price Chart. Source: CoinMarketCap
Notably, the partnership involves launching the first tokenized money market fund, where Archax provides access to abrdn products on the XRP Ledger.
As XRP continues its bullish run, the community and investors alike look forward to the token sustaining its momentum. There is an expectation that if XRP can breach $1.50 and stay above it, the token stands a chance of testing other levels, including the $2 high.
Regulatory developments fuel optimism
Market sentiment favors a possible sustained surge in XRP’s price. For instance, XRP’s open interest recently hit new peaks of $2.6 billion. Per an earlier U.Today report, the open interest surge followed speculations of the launch of the XRP exchange-traded fund (ETF).
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Meanwhile, asset manager WisdomTree joined the race for an XRP ETF with a filing on Nov. 25. WisdomTree joins others like 21Shares, Canary Capital and Bitwise that have filed for an ETF product tracking the coin.
With many in the broader cryptocurrency space expecting a shift away from regulatory attacks on Ripple Labs after Jan. 20, investors have continued to bet on XRP.
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