XRP, the cryptocurrency tied to the Ripple network, is showing strong bullish momentum as it nears a critical resistance level. According to data from the 100eyes Crypto Scanner, XRP is currently testing horizontal resistance near the $1.6 mark. If it manages to break above this barrier, the token could be on its way to the $2 level, marking a significant milestone in its price recovery.

Over the past 24 hours, XRP has surged by 6%, outperforming every other cryptocurrency in the top 10, including Bitcoin, which saw only a modest 0.4% increase. This impressive price jump comes as the Ripple-affiliated token continues to gain ground, with its current rally showing a remarkable 207% increase so far this month alone.

XRP’s Potential for a Strong Close to November

With only a couple of days left in November, XRP is on track to deliver its best performance since December 2017. If it holds onto its recent gains, XRP could close the month with substantial profits, a feat that will likely attract more attention from investors and traders alike.

The rapid increase in its market capitalization is also noteworthy, with XRP now closing in on the $100 billion club. This growth is a testament to its increasing popularity and the broader market’s recognition of Ripple’s potential.

Breaking Through Resistance: A Path Toward $2

XRP’s current price action is showing strong signs of upward momentum. If it successfully breaks through the resistance near $1.6, it could pave the way for further gains. Many traders are eyeing the $2 level as the next significant milestone for the token. The ability to sustain and build upon these gains would be a key indicator of XRP’s long-term strength in the market.

XRP’s Growing Buzz Amid ETF Hopes and SEC Developments

A key factor fueling the current rally in XRP’s price is the increasing buzz around a potential XRP Exchange-Traded Fund (ETF) in the U.S. Recently, WisdomTree submitted an application to become the latest issuer of an XRP ETF. If approved, this could bring even more mainstream attention and institutional investment to XRP, further boosting its price.

Additionally, the growing optimism surrounding the U.S. Securities and Exchange Commission (SEC) plays a crucial role in XRP’s bullish outlook. The departure of SEC Chair Gary Gensler, who has been seen as a major opponent to the cryptocurrency industry, is seen as a potential catalyst for more favorable regulatory conditions for XRP and other digital assets. Paul Atkins, a former SEC Commissioner, is currently the leading candidate to replace Gensler, further fueling speculation about a more crypto-friendly regulatory environment.

XRP Gains Ground with Robinhood Listing

Another positive development for XRP is its recent listing on Robinhood for U.S. users, joining a growing list of other cryptocurrencies available on the platform. The move could increase XRP’s accessibility to a larger retail audience, potentially driving further demand for the token.

What’s Next for XRP?

Looking ahead, the next few days will be crucial for XRP as it continues to challenge its key resistance levels. If the token manages to break through $1.6 and push towards $2, it could set the stage for even more explosive growth. However, traders should also remain cautious, as resistance levels can be difficult to overcome, and any significant pullback could lead to a period of consolidation.

In the broader context, XRP’s recent rally reflects a growing sentiment of optimism in the cryptocurrency market. With the potential for regulatory shifts and the growing institutional interest, XRP is positioning itself as a major player in the market, with $2 being the next target for many traders.