Ripple (XRP) has reached new heights recently, surpassing both Solana (SOL) and Tether (USDT) to claim the position of the third-largest cryptocurrency by market capitalisation.
XRP’s meteoric rise began alongside the broader market rally following the US election results. Trading below $0.50 at the time, XRP surged to $0.70 as market momentum gathered pace. However, XRP outperformed nearly every other cryptocurrency, leveraging this momentum to skyrocket and leave much of the market in its wake. The chart above highlights XRP's remarkable 409% rally since the election, climbing to $2.73. Comparatively, Fantom (FTM) rose 130%, Bitcoin (BTC) gained 43%, Ethereum (ETH) advanced 53%, and Solana lagged with a 25% increase over the same period.
XRP's dramatic rise was spurred by significant news: an asset manager filed with the SEC to request approval for an XRP-focused large market ETF. This announcement coincided with news of Gary Gensler stepping down as Chairman of the SEC, which added fuel to the rally. Ripple’s years of legal battles with the SEC have long held back its performance, leaving it lagging behind the broader market for nearly eight years.
This rally has been long-awaited. XRP famously failed to reach a new all-time high during the 2021 bull run, with its record high of $3.40 set back in 2018. With its recent surge, XRP has surpassed its 2021 high and now has the potential to set a new all-time high.
Persistent XRP holders over the past seven years have finally been rewarded, but now may be a prudent time to take profits. With a 400% rally in less than a month, a significant pullback is likely. Even the most bullish trends do not move in a straight line, and XRP’s parabolic rise suggests a correction is inevitable.
While new all-time highs remain possible, diversifying into other assets like Bitcoin or coins that have yet to rally, such as Fantom (FTM), could be a wise strategy. For those worried about missing out, this is an excellent opportunity to strengthen Bitcoin positions as the market remains in its early stages, presenting compelling entry points. Contact your Stormrake Crypto Broker to take advantage of these opportunities.
For those feeling underexposed or concerned about missing out, now is the time to strengthen your Bitcoin position. This market is still in its early stages, presenting long-term believers with an excellent opportunity. Contact your Stormrake Crypto Broker to make the most of this moment.
Stormrake Spotlight: Fantom ($1.25)
Stormrake Spotlight: Fantom ($1.25)
Fantom concludes its spotlight feature with a strong performance, trading at $1.25, up 25% this week and over 100% since its initial highlight in the Morning Note. As predicted, FTM mirrored the price action of Ondo, which was covered in the previous Spotlight. After reaching $1.10, FTM retraced to $1 before consolidating and launching again to current levels. This move has rewarded those who followed the Stormrake Spotlight closely.
For new readers, be sure to keep an eye on the coins featured in the Stormrake Spotlight, as they have delivered strong returns. These are opportunities you don’t want to miss.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin’s bullish momentum has faded, flipping bearish after failing to set a higher high and subsequently forming a lower low. BTC now trades below all moving averages, indicating further downside risk. It may approach the CPR support level of $92,330.
BTC Total ETF Flows for 2 Dec: $ + 15.3 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has also turned bearish but maintains a relatively better structure compared to Bitcoin. ETH recently set a higher high and is attempting to establish a higher low around the $3,557 support level. Overnight, ETH bounced from this level but faces resistance at the 21 EMA due to its downtrend. Breaking above the 21 EMA could see ETH target the $3,725 resistance level.
The recent bull flag pattern on ETH has nearly played out, though it fell short of its maximum target. Nevertheless, the breakout delivered notable gains.
ETH Total ETF Flows for 2 Nov: $ - 24.5 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
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