XRP is leading the cryptocurrency market recovery on Nov. 27, up 10.5% over the last 24 hours to trade at $1.43.
Data from Cointelegraph Markets Pro and TradingView shows XRP rose from a low of $1.28 on Nov. 26, climbing as much as 14% to an intraday high of $1.46 on Nov. 27. The XRP/USD pair boasts 30% and 179% weekly and monthly gains, respectively.
In comparison, the total crypto market capitalization posted only 1.6% daily gains to $3.24 trillion at publication. Bitcoin has risen 2%, while Ether (ETH) is up 5% on the day.
Let’s look closer at the factors driving the XRP price up today.
XRP price rises on Ripple partnership with Archax
Ripple has announced the launch of a tokenized money market fund on the XRP ledger in collaboration with Archax, a UK-based FCA-regulated digital asset exchange.
According to a Nov. 25 press release, the fund, which will be managed by the UK asset manager abrdn, is part of its £3.8 billion US dollar Liquidity Fund (Lux).
“Archax, the first FCA regulated digital asset exchange, broker and custodian, has provided access to a money market fund from UK asset manager abrdn in a tokenized form on the XRP Ledger,” the statement noted.
With this new partnership, the payments company plans to tap into the growing potential of tokenized finance, which is estimated at over $1 billion in assets under management for tokenized money market funds and with the total value of tokenized assets projected to reach $16 trillion by 2030, as per McKinsey’s data.
Commenting on the collaboration, Markus Infanger, Senior Vice President, RippleX said:
“There is no question that the onchain economy is gaining traction. By working with companies like Archax, we are excited to help financial institutions like abrdn to seize the incredible opportunity represented by blockchain and digital assets technology to deliver utility at scale.”
On Nov. 19, Ripple announced a partnership with Mercy Corps Ventures, promoting financial inclusion by utilizing the XRP Ledger (XRPL) for entrepreneurs and small businesses in emerging markets.
These partnerships could boost XRP adoption, potentially increasing demand for the token.
XRP open interest climbs to new highs
Expectations of a crypto-friendly regulatory environment under Trump’s presidency and Ripple partnerships have sparked growth in XRP-tracked futures, with the open interest (IO) zooming to record highs on Nov. 22.
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
The metric remains elevated at near all-time highs and has jumped 5% over the last 24 hours to $2.06. This accompanied a 7.2% price growth over the same period.
Higher open interest indicates that more money is entering the market, increasing the chances that the uptrend will resume.
XRP’s giant bull flag targets new all-time highs
Chart technicals show XRP’s price action forming a bull flag pattern on the daily timeframe, as shown in the chart below.
A bull flag is a bullish continuation setup that forms after the price consolidates inside a down-sloping range following a sharp price ascent.
The pattern will resolve after the price breaks above the upper trendline of the flag at $1.46 and potentially rise by as much as the previous uptrend’s height.
This puts the upper target for XRP price at $4.28, marking new all-time highs for the sixth- cryptocurrency by market capitalization.
However, XRP’s daily relative strength index is still overbought at 82 on the daily chart, so the chances of another pullback remain relatively high.
Therefore, a retreat from $0.1.43 could see a retest of the flag’s lower trendline at around $1.28. Lower than that, the price could move toward the psychological level of $1.00-$1.05.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
