Has XRP started a new bull run? Analysing the legendary cryptocurrency after a 46% rally

XRP has made an impressive comeback in recent months. The well-known cryptocurrency has risen 46% over the past three months and earlier this week hit a price of $1.53. That sharp rally has reignited debate among crypto investors over how high the token could climb by the end of the year.

Most of the gains came in August and September, when buyers returned to the market after a difficult first half of the year. In the past two months alone, XRP rose 42%, making it one of the stronger performers among the major cryptocurrencies. Even so, there are signs that the pace of the rally is starting to slow. XRP added just 10% over the past month and has recently failed to break above its 22 August peak of $1.70.

2017-2018 bull run

XRP has a long history of sharp price swings. The token was launched in 2012 as the native asset of the XRP Ledger and was designed to enable fast and cheap international payments. During the crypto bull market of 2017, XRP became one of the biggest winners and in January 2018 reached a record price of $3.84. That was followed by several severe bear markets and years of uncertainty over the legal battle between its parent company Ripple, the issuer of the XRP cryptocurrency, and the US securities regulator the SEC.

Looking ahead, much will depend on broader sentiment in the crypto market. If Bitcoin and the rest of the sector continue their advance, XRP could once again test resistance around $1.70 and potentially push on to the psychologically important $2 level.