Ripple price had its best month on record, helped by numerous catalysts, including the rumored partnership with Swift, recent Trump win, and the upcoming RLUSD stablecoin launch. The XRP token jumped to a high of $1.9697, its highest level since April 2021. It has jumped by over 278% in November, its second-best month since December 2017 when it jumped by over 600%.
Ripple’s surge triggered a big move surge in Stellar Lumens price. XLM, Stellar’s token, jumped to $0.6390, its highest level since May 2021. It has risen by almost 500% in the past 30 days, making November its best month ever.
Why Ripple and Stellar prices jumped
The main catalyst for the XRP price surge was November’s election of Donald Trump in the United States. Trump’s election meant that there would be big changes in terms of policy in the US, where Ripple has been under pressure.
Ripple Labs was sued by Gary Gensler’s Securities and Exchange Commission (SEC), which accused it of selling an unregistered security to investors in 2013. That was a big lawsuit that affected Ripple’s business by triggering the undoing of some of the deals that the company had done, including one with Western Union.
Ripple won some parts of the lawsuit and was ordered to pay a $250 million fine earlier this year. While that was a big sum for the company, it was a tiny part of the $2 billion that the agency was seeking. The SEC has planned to file an appeal.
Therefore, the XRP price rose because investors hope that the agency will not appeal under the Trump administration. Such a move will mean that the compan can pursue more deals and even launch its IPO.
Ripple price has also jumped amid anticipation that the company was preparing to partner with Swift Society. Swift is a large organization, owned by global banks, that handles transactions worth billions of dollars a day.
Swift and Ripple have not confirmed whether that deal will happen, meaning that all we have is speculation. Speculation tends to move cryptocurrency prices over time.
Ripple is also preparing to becoming a big player in the stablecoin industry by launching RLUSD. RLUSD will be a stablecoin pegged 1:1 to the US dollar that will aim to disrupt Tether’s success. Still, as we have seen with other stablecoins like USDD and PYUSD, dislodging Tether will not be easy.
Stellar’s XLM token jumped because of its general similarity with Ripple. Gavin Wood, Stellar’s founder, was a co-founder of Ripple, and the two companies target the payments industry.
Also, analysts believe that, with the Trump election, odds of spot XRP and XLM ETFs have risen substantially in the past few weeks.
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Ripple XRP price forecast
The next XLM price action will depend on what Ripple does in the near term. On the weekly chart, we see that the XRP jumped to almost $2, moving slightly above its highest level in 2021.
Ripple jumped above the key resistance at $0.9370, its highest level in July 2023. It has soared above the 50-week and 100-week moving averages. Also, the Relative Strength Index (RSI) and the MACD also pointed upwards.
Therefore, after the spectacular performance in November, a brief pullback cannot be ruled out. If this happens, the next point to watch will be at $1.5. In the long term, there are signs that the coin will jump to a record high of $3.29, which is about 73% above the current level.
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