XRP joins the $100 billion club, what happens next?

The ongoing bull market rally has favored XRP in more ways than most competing altcoins. At the time of writing, the price has increased by 15.63% to $1,882 in the last 24 hours. This price valuation has pushed the total market cap to over $100 billion. Specifically, XRP is now the fifth largest digital currency with a market capitalization of $107.27 billion.

XRP price to $2?

From a 52-week low of $0.3911, the price of XRP has risen to a high of $1.94. The crash started about three weeks ago when the coin broke the $0.6 resistance level. Since then, it has remained unstoppable, reaching its highest peak since 2018.

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Key on-chain technical indicators show that XRP price is overheated, with the Relative Strength Index (RSI) at 90.

While this obviously indicates overbought conditions and a possible correction, the XRP ecosystem is largely overvalued. Trading volume has increased by 130% to $18.86 billion, indicating endless buying activity in the market.

Given the market conditions, top analysts are calling for a maximum price of $2 for XRP as the coin has decoupled from the price of Bitcoin. The coin’s growth is increasing faster than Bitcoin’s, meaning a breakout of $2 is possible in the near term.

Exceed historical trends

The price of XRP is known to always see a massive price breakout in November. The coin ended this month with its second-best per-price growth since 2013, with a combined rally of 270%. Only in November 2013 was the growth rate higher at 531%.

XRP’s growth was further boosted when Gary Gensler dropped his resignation as chairman of the US Securities and Exchange Commission (SEC). With his departure, the XRP lawsuit could finally end.

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Ripple Labs is also taking a big step towards expanding the overall utility of XRP with the development of XRP Ledger (XRPL).

In addition, the hype surrounding the possible launch of the RLUSD stablecoin is generating impressive hype around XRP, helping to consolidate its growth.