XRP breaks $1 for first time since 2021, traders see $1.50

Amid the ongoing bull run, Ripple's native token, XRP is making waves in the cryptocurrency industry with its impressive performance. Since today, November 16, 2024, the XRP token has experienced a massive price increase of over 25%, breaking the $1 level for the first time since 2021.

Why is the price of XRP increasing?

With this significant price increase in the last 24 hours, XRP is currently trading near $1.026 and has seen a 35% increase in trading volume. This increase in trading volume indicates higher participation by traders and investors, which may be due to the resignation of Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Bullish gauges on the chain

In addition to the increase in trading volume, XRP open interest has increased by 31%, reaching the highest level since the beginning of November 2024.

Additionally, the asset's long/short ratio is currently at 2.80, the highest since January 2024. A ratio above 1 indicates strong market sentiment among traders.

Often, traders and investors consider increasing the open interest and long/short ratio to more than 1 when building long positions. However, given the current market sentiment, this looks like a good buying opportunity.

XRP technical analysis and upcoming levels

According to expert technical analysis, XRP has broken out of the strong resistance level of $0.95 and is now moving towards the next resistance level of $1.50. Despite the notable price rally in the last 24 hours, there is a high possibility that XRP will undergo some price correction before reaching the next hurdle.

However, if speculation about the SEC chairman's resignation is true, we will see a further inverted rally, and XRP may reach an all-time high (ATH) during that period.

So far, the sentiment is bullish, and investors and traders seem to be showing interest in the property.