While many assets in the cryptocurrency market are currently experiencing gains, XRP (XRP) has started to forge ahead. It has surged by over 2.81% in the last 24 hours, showcasing a pump in price for Christmas.
Ripple’s XRP token has displayed indications of gaining momentum, prompted by a surge in the funding rate in futures markets, signaling an increase in bullish speculation.
This unexpected upswing has led to speculations that Ripple’s XRP might advance toward the psychologically significant $1 milestone in 2024.
Factors that may contribute to the $1 aim
According to a recent analysis, XRP appears to have shaped what could potentially be the most substantial bull flag on the monthly chart, following its 2018 peak at $3.84. Despite facing hurdles such as a 2020 SEC lawsuit impeding price recovery, XRP’s overall performance has given rise to this noteworthy bullish pattern.
XRP moving averages chart. Source: TradingView
Another factor is speculation regarding an IPO by Rippl
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