Due to the growing interest in the token from prominent investors, or “whales,” XRP’s price is rising and has reached a three-month high. The fourth-place ranking in the cryptocurrency market held by Binance Coin is in jeopardy due to this increasing momentum. Later this week, XRP may reach $1. Additionally, XRP is the top cryptocurrency in the United States.

While Bitcoin accumulated below $35,000 during the weekend, XRP outperformed other cryptocurrencies with its remarkable surge. This cross-border money remittance token’s market value increased by 23% in just one week, reaching a price of $0.73—a level not seen since late July. Fibonacci retracement values show that the price of XRP has recovered a stunning 61.8% from its August low. These values mean a pullback may be imminent when traders try to lock in their gains.

The Appearance of the Bullish Cross

XRP is the Top Cryptocurrency in the United States

The Moving Average Convergence Divergence (MACD) indicator suggests that there is still momentum in the upward trend. Traders should continue being bullish about the trend if the green histograms and the blue MACD line are above the neutral and red regions, respectively.

A significant development supporting the optimistic view for XRP is the chart’s appearance of a bullish cross. A golden cross pattern forms when the 50-day Exponential Moving Average (EMA) crosses over the 100-day EMA. This pattern encourages traders and investors to buy XRP without worrying about abrupt reversals.

The decisions that XRP makes going forward will dictate whether it attempts to break above $1 or holds onto its gains in anticipation of a possible breakthrough. With confidence that the rally won’t abruptly reverse, traders will probably support XRP if it breaks past the immediate resistance at $0.75.

However, should XRP fall short of the $0.75 barrier, traders may hurry to lock in their gains, increasing selling pressure and sabotaging the upward trend. Investors should prepare for further losses if XRP corrects below the short-term support at $0.7, which might put the local support at $0.61 into play.

Notably, “whales,” or huge investors, have increasingly invested in XRP; in 2023, wallets holding between 100,000 and one billion XRP tokens were at their highest points. Significant players’ increased interest is fueling XRP’s rise, briefly pushing Binance Coin out of the top four cryptocurrency rankings based on market capitalization, demonstrating XRP’s increasing power.

Data Has Shown That XRP Is The Top Cryptocurrency in The U.S.

XRP is the Top Cryptocurrency in the United States

According to recent data from Google Trends, in 48 of the 50 states in the nation, Americans are more interested in XRP than in Ethereum. There is a powerful interest in XRP in states like Nevada, Delaware, Montana, Louisiana, and Arizona.

The regulatory clarity that XRP received in the U.S. is partially responsible for this surge in interest. This clarity came when Judge Analisa Torres ruled that XRP did not qualify as a security, dispelling a cloud of uncertainty surrounding the coin.

XRP encountered difficulties after the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020. This factor led to the token being removed from several cryptocurrency exchanges nationwide.

With only a few exchanges like Uphold continuing to support the token, it was clear that this legal situation had negatively impacted XRP’s market presence. However, after Judge Torres’ decision, XRP was relisted on many exchanges, making investing more accessible for Americans.

There are firm hopes for a surge in institutional interest in XRP in the United States. This surge is expected, as the ongoing legal dispute with the SEC was one of the main reasons many financial institutions were reluctant to work with Ripple. More American businesses will probably work with Ripple soon after the legal dispute is settled.

Growing institutional interest in XRP could significantly affect its price, mainly if big American banks use the token for international trade, matching Ripple’s vision. In the interim, Ripple and XRP are well-positioned to carry on expanding their stellar international performance history.

It’s important to note that XRP is very well-liked throughout Asia, especially in Japan. Japan has been a major contributor to the trading volume of XRP. Major financial institutions have adopted Ripple’s payment services, using XRP to enable cross-border transactions, which is mainly responsible for its popularity.

In conclusion, XRP’s remarkable climb to a 3-month high and status as the leading cryptocurrency in the United States signifies a shifting landscape within the crypto market. This development underscores the potential for rapid changes in the cryptocurrency world, and investors should remain vigilant and adapt their strategies accordingly in this dynamic environment.