XRP is approaching key resistance levels

According to 100eyes Crypto Scanner, Ripple-linked cryptocurrency XRP is currently approaching horizontal resistance near the $1.6 mark.

The XRP token is up 6% in the last 24 hours, outperforming all cryptocurrencies in the top 10. For example, Bitcoin is up just 0.4%. It seems like many at the Thanksgiving table recommended the leading cryptocurrency.

XRP is up a whopping 207% so far this November, and the monthly close is just two days away.

If the token manages to maintain its gains, it will record its best-performing month since December 2017.

The Ripple-linked token’s market capitalization is now quickly approaching the $100 billion mark.

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In 2018, XRP briefly overtook Ethereum (ETH) to become the second-largest cryptocurrency by market capitalization. It is currently in fifth place and is still behind BNB and Solana (SOL).

A break above the aforementioned resistance level could pave the way for an even stronger rally for the OG altcoin. The token could approach the $2 mark.

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The price rally coincided with growing enthusiasm for XRP ETFs in the US, with WisdomTree recently becoming one the newest issuer to submit his application. At this point it seems increasingly likely that such a product will be approved sooner or later.

The impending departure of anti-crypto SEC Chairman Gary Gensler also proved to be a major bullish catalyst. Currently, former SEC Commissioner Paul Atkins is the leading candidate to replace Gensler.

The token has recently also been available for Robinhood US users among other tokens.