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As BNB Hits New All-Time High, Analyst Sets Higher Target of $1,630

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Analysts are predicting further gains for BNB, with targets above $1,500 if the ongoing bull momentum sustains.

Binance Coin (BNB) experienced a major price surge in the last 24 hours, climbing over 14% to hit an all-time high of approximately $771. This significant rally saw the crypto break through a multi-month resistance level, marking the end of its consolidation trend. 

However, the price retraced slightly below $760 during the early hours of today. Despite this retracement, BNB’s impressive performance signals a potential shift in market sentiment, with analysts speculating that the rally may continue.

BNB Breakout Above $1,000?

The recent breakout has propelled BNB into the discovery phase of the ongoing bull market cycle. Market analysts are closely watching this transition, and many believe that BNB could maintain momentum for further price gains.

Notably, the sharp rise in BNB’s price aligns with analyst Ali Martinez’s projection, which suggested that the cryptocurrency could move above $1,500 if it maintained a weekly close above $662. Martinez noted that BNB’s momentum could be strong enough to push it even further, potentially reaching $1,630.

Positive Technical Indicators

The Relative Strength Index (RSI), currently at 68.99, further supports this bullish outlook. Although it is nearing the overbought threshold of 70, the RSI suggests that the bullish trend still has room to grow.

The RSI’s upward movement from lower levels confirms strong buying momentum, which is contributing to BNB’s rally. Market observers will look for continued upward movement in the coming days, as the RSI shows no immediate signs of exhaustion.

BNBUSDT 1-week TradingView
BNBUSDT 1-week TradingView

BNB’s price surge is also supported by the Accumulation/Distribution (A/D) line, which currently stands at 587.42 million. This figure indicates steady accumulation over time, confirming that buyers have been consistently dominant in the market. The A/D line’s clear upward slope aligns with BNB’s breakout, suggesting that investor interest in the asset remains strong. 

BNB Sideways Movement That Led to a Breakout

It’s worth noting that on November 23, X user Master Kenobi predicted that BNB could reach an all-time high. He pointed out that the cryptocurrency had been moving sideways for more than eight months, which signaled an imminent breakout. This prediction has since materialized.

Also, Master Kenobi observed that BNB’s sideways movement might have been part of a well-calculated strategy despite appearing inactive for a period. He cited that BNB continues to hold a dominant position in the centralized exchange (CEX) space and remains one of the most utility-driven blockchains.

Kenobi believed that Binance was preparing for a major move to reinforce its market leadership. He also highlighted the BNB/BTC pair, suggesting it points to a breakout for BNB. According to Kenobi, this breakout, which is now materializing, could serve as a signal for the anticipated altcoin season.

Wall Street Analyst Speculates XRP Could Reach $4-$16: Here’s Why

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A recent reduction in the XRP Ledger (XRPL) reserve fee has triggered speculation about a potential surge in the value of XRP. 

Wall Street analyst and financial author Linda P. Jones recently discussed some possible implications of this change. In her commentary, she speculated that XRP could see a more massive price growth soon.

The reserve fee, which determines how much XRP must be held in a wallet as a minimum balance, was recently lowered to 1 XRP from its previous requirement of 10 XRP. 

Notably, this fee was originally 20 XRP but has seen a gradual reduction over time. Jones noted that past reductions in the reserve requirement often preceded notable increases in XRP’s price. 

Context of the XRP Reserve Fee Reduction  

The decision to lower the reserve fee came up on Dec. 2, following concerns from the XRP community about the previous figure of 10 XRP. Pundits argued that the higher reserve was discouraging adoption, as it required users to lock up a substantial amount of funds to open new accounts.  

Community leaders, including Wietse Wind, the founder of Xaman (Xumm) developer XRPL Labs, advocated for a reduction in the reserve fee. Wind confirmed in October that he had voted for a 90% reduction to 1 XRP.

Notably, the 10 XRP reserve fee became especially burdensome as XRP’s value surged in recent weeks. When XRP was trading at $0.50, the 10 XRP amounted to $5. However, as the asset’s price climbed to $2.50, the same requirement grew to $25, raising fresh concerns.

Interestingly, the fee dropped to 1 XRP yesterday. At the current price of $2.60, the new reserve fee is equivalent to $2.60, making it far more accessible for new users. The change looks to bolster greater adoption by reducing the financial commitment necessary to start using XRP.  

XRP Price Growth Speculation

Meanwhile, Jones pointed out in her recent commentary that reserve fee reductions have historically coincided with or preceded periods of price growth for XRP. According to her, these price movements have always pushed the cost of the reserve to $4-$16 after each adjustment.

 

For instance, when the reserve fee was lowered from 20 XRP to 10 XRP, the price saw upward momentum shortly after, with XRP hovering around $0.50 at some point. This brought the cost of the reserve to $5. She argued that the latest reduction could signal a similar trajectory.  

Based on this historical data, she speculated that XRP price might soon grow to push the cost of the reserve fee (currently at $2.6) to $4-$16. With the fee now at 1 XRP, this could translate to a price of $4 to $16 for XRP. Notably, as XRP currently trades for $2.6, it would need to rally 54%-515% to reach $4-$16.

Cardano Hydra Surpasses 1M TPS as Bullish Sentiments Swell

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Cardano scaling protocol Hydra has recorded a major milestone after surpassing the 1 million transactions per second (TPS) threshold.

Hydra’s proficiency has scaled impressively while being tested in the latest Doom gaming competition. Earlier today, the protocol broke the 1 million transactions per second (TPS) mark, becoming one of the fastest in the crypto ecosystem.

Hydra Hits Major Transaction Milestone

On its own, Cardano is one of the fastest layer-1 networks out there, with an impressive TPS capability. 

Meanwhile, Cardano introduced the Hydra Head to improve the network’s scalability further, testing the protocol with the latest Hydra Doom tournament. Notably, the Cardano team launched the 90’s FPS game Doom on Hydra in August, with each frame of the game a transaction on the protocol.

Meanwhile, as the tournament progressed, Hydra’s transaction acumen grew. The team announced today that with over 25,000 concurrent players, the Cardano scaling solution has surpassed 1 million TPS, trouncing earlier assertions that the protocol cannot attain the milestone.

It bears mentioning that Hydra’s new record is in a game test. The protocol’s theoretical throughput will be well-tested in a real-life simulation with users transacting on it.

Cardano’s Unique Active Addresses Surge

Meanwhile, the impressive Hydra TPS coincided with an uptick in the on-chain activities in the Cardano ecosystem. The popular Benjamin Cowen, who predicted the famous ADA fall to 400 SATS, disclosed this bullish development on the ecosystem.

In a tweet today, Cowen shared a chart indicating a daily surge in unique addresses active on the Cardano network. The chart shows that active address count on the Cardano network has grown substantially, recently surging to over 100,000 unique wallets.

ADA Unique Active Addresses

Unsurprisingly, active user participation has spurred a bullish uptick in Cardano, with its price surging to a multi-month high of $1.3264 before retracing to around $1.2274 at press time. Meanwhile, a continuation of this trend would foster further price upticks, with analysts speculating a realistic surge to $10.

Trump Reportedly Picks Crypto Advocate Paul Atkins as Next SEC Chair

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U.S. President-elect Donald Trump reportedly nominates pro-crypto advocate Paul Atkins to serve as the chairman of the SEC under his administration.

Three sources familiar with the matter reveal that Trump’s transition team nominated Atkins for the position after a two-day interview session from December 1-2. One of the sources said they spotted Atkins at Trump’s Mar-A-Lago resort earlier this week. 

Atkins Rank as Top Candidate for SEC Chair 

Over the past weeks, Atkins has ranked as the favorite to replace Gary Gensler as the next SEC Chair. This speculation gained momentum last week after Bloomberg joined FOX Business to report Atkin’s potential emergence as SEC Chair.

According to FOX Business journalist Eleanor Terrett, Trump’s transition team considers Atkins a top candidate for the position due to his understanding of the SEC. He was a commissioner at the securities agency under President George W. Bush and a staffer under two previous SEC chairs.

Furthermore, he possesses policy expertise in the U.S. securities market and is a crypto advocate, which aligns with Trump’s campaign promise for the industry. 

Amid reports of Atkins’ nomination, Terrett suggested that the information could be accurate. However, she emphasized the need to wait for an official announcement from Trump.

Atkins Reluctant to Become Next SEC Chair 

Although the transition team has reportedly nominated Atkins to replace the current chairman of the U.S. SEC, he has not officially accepted the position. 

A source claimed Atkins is reluctant to take up the job. According to the source, the agency’s mismanagement under the current leadership headed by Gensler does not make the position attractive for Atkins. 

Also, the former SEC commissioner does not fancy leaving his CEO role at Patomak Global Partners, a company he founded. For context, Patomak is a consulting firm specializing in regulatory compliance and risk management for crypto, banks, and insurance companies. 

The source claimed Atkins plans to leave his current job at Patomak for another engagement only when the company can operate without him. Whether he will accept the position as the next SEC Chair remains to be seen.

Besides Atkins, Trump’s transition team is also considering other candidates to replace Gensler, who announced his upcoming resignation as SEC Chair. The top contenders include crypto stakeholders like Teresa Goody Guillén, Brian Brooks, and Brad Bondi.

XRP Sees 5X Surge Since Forbes Called It a “Zombie” and “Good for Nothing” Token

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XRP has seen its market value explode by nearly fiverfold since the global magazine Forbes published a report dismissing XRP’s relevance in the financial space.

Eight months ago, in March, Forbes published a scathing report on XRP and Ripple, labeling them as “zombie projects” of little value.

The report focused on cryptocurrency ventures with billion-dollar valuations, particularly in light of Bitcoin’s resurgence. However, XRP and Ripple were singled out for detailed scrutiny.

Forbes’ Attacks on Ripple and XRP

Forbes explored Ripple’s history, emphasizing its original goal of creating a transformative global financial standard for banks by providing fast and low-cost money transfers. The report erroneously claimed Ripple’s leadership created 100 billion XRP tokens and sold $1.4 billion to fund its ambitious plans.

Additionally, the analysis discussed the widespread belief that Ripple could eventually surpass SWIFT, which handles over $5 trillion in daily interbank transfers. However, Forbes argued that, over a decade later, Ripple had made little progress toward this goal, with the company still running limited pilot programs with central banks.

In this context, the publication criticized Ripple for “failing” to meet its core objectives and labeled it a “crypto zombie.”

According to Forbes, despite Ripple’s “setbacks,” XRP continued to have a market capitalization of several billion dollars—$36 billion—at the time, ranking as the sixth most valuable cryptocurrency. Forbes also argued that XRP’s heavy daily trading volume of over $2 billion was driven more by speculation than any real-world utility.

Notably, Forbes extended its “zombie” and “good-for-nothing” labels to other blockchain projects. It identified at least 50 crypto platforms valued at over $1 billion, with 20 of them categorized as “functional zombies.”

While Forbes made a deliberate attempt to divert global investors’ attention from these crypto assets with its heavy criticism, investor interest in these projects soared even further.

XRP Price Explodes After Forbes Report

At the time of the publication, the price of XRP hovered around $0.60, with a market cap of $36 billion. This valuation even dipped by around 37% a few months later. However, today, XRP has made a stunning comeback that the market continues to discuss.

In particular, XRP has added over $120 billion to its market cap since Forbes’ publication. Its price has reached $2.86, with a 450% growth in the last 30 days.

Notably, 19 other tokens that Forbes disparaged in the report have also seen major boosts in their price performance since. This impressive turnaround has triggered criticisms around Forbes, as its negative narrative failed to hinder the tokens’ progress.

Notably, other industry commentators, like Jim Cramer, have also been subjects of ridicule in the crypto community as the market continues to grow, defying their harsh criticism. For instance, in January last year, XRP posted a 40% gain after Cramer called it a “giant con” asset. When factoring in today’s price, XRP has seen nearly a 9X surge since Cramer’s criticism.

Massive XRP Sell Walls at $3.5 on Top Exchanges as XRP Consolidates Around $2.6

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Leading exchanges Binance and Coinbase see combined 50 million XRP sell walls above the $3 mark, capping XRP’s growth.

Recall that XRP rallied to a high of $2.9 yesterday, brushing against the $3 psychological resistance. However, it failed to maintain momentum, closing the day with a 7.91% loss. Currently, XRP has recovered to $2.6, consolidating in a narrow range between $2.4 and $2.6.

This period of consolidation has led to analyses of XRP’s order books, particularly on Binance and Coinbase. Market analyst and trader Dom recently provided an update on these order books, highlighting sell and buy walls that could influence XRP’s price in the coming days.

50M XRP Sell Walls Persist on Binance and Coinbase  

Data reveals that Binance Spot has 34 million XRP sell walls ranging from $2.8 to $3.5. Similarly, Coinbase Spot shows 16 million XRP sell walls within the same price range. Combined, these sell walls total 50 million.

This large volume of sell walls could potentially present a barrier for XRP’s price to break through $3. Notably, the sell walls already suggest that market participants expect resistance as XRP approaches the $3 mark and beyond, a move that could see it eye the $3.31 all-time high.

XRP Buy Walls Present Support

Meanwhile, Binance has 10 million XRP buy walls from $1.9 to $2.3, while Coinbase shows 4.3 million XRP buy walls in the same range. Together, these buy walls amount to 14.3 million, providing support in case the price dips further.  

These buy orders suggest that despite the recent consolidation, demand for XRP is still rising, as buyers show an interest accumulating XRP at lower price levels if it drops to the range between $1.9 and $2.3. 

XRP is currently stabilizing after its recent volatility, but Dom believes the ongoing consolidation could be beneficial. He pointed out that creating a stable price range in the $2.4 to $2.6 region can add value, building a stronger foundation for future rallies.  

However, the analyst warns that breaking through $3 will require sustained buying pressure. The volume of the sell walls means XRP needs massive market activity to overcome the barriers above it.

Martial Law in South Korea Contributes to Consolidation

Notably, Dom previously suggested that besides the massive sell walls, the political situation in South Korea is also contributing to the halt in XRP’s rally. XRP witnessed a roadblock amid the declaration of martial law in the country but has surprisingly demonstrated resilience.

Dom noted that Upbit, a leading South Korean exchange, has matched or even surpassed Binance in XRP trading volume over the past week. This confirms the important role South Korean traders have played in XRP’s recent rally, with the recent martial law capping this market activity.

The analyst believes that without this disruption, XRP might have already reached the $3 mark. Notably, XRP currently changes hands at $2.62 as of press time, having recovered by 4.45% this morning. 

11-Year Dormant Bitcoin Wallet Awakens, Turning $1.7M Into $255M

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A diamond-handed dormant Bitcoin wallet has awakened to face-melting gains after eleven years of holding the pioneering cryptocurrency.

 

Bitcoin has shown its profitability proficiencies over the years, with patient investors turning in massive gains on their holdings. The pioneering cryptocurrency has again displayed this growth potential in the 133% appreciation it recorded this year alone.

Meanwhile, a diamond-handed whale wallet has made life-changing wealth by holding Bitcoin for 11 years. The dormant wallet reawakened on Tuesday to move his 2,700 BTC at a massive return on investment.

Transaction Details

Data from BitInfoCharts shows that an 11-year dormant wallet made its first transaction yesterday. At exactly 15:39 (UTC), the Bitcoin address moved 2,700 BTC to two new wallets at a substantial profit.

The Bitcoin address “1PEUv3F” sent 1,000 BTC to wallet “bc1qcf0” and 1,600 BTC to another wallet “bc1qr8d.” Notably, the combined amount is worth $257.45 million, with 99.34% of these funds representing return on investments.

Meanwhile, the new wallets that received the BTC still hold them at the time of writing. The wallet that got the 1,600 BTC has not moved its stash, while the 1,000 BTC recipient has shuffled them to two new wallet addresses.

Whale Moves Stash at Staggering 14,582% Gain

The highlight of the latest reawakening is the whale’s mouth-watering gains from holding Bitcoin for 11 years. For context, the wallet acquired the 2,700 BTC on December 20, 2013, at $625 per coin, spending roughly $1.7 million to purchase the assets.

Over a decade later, the same holding has appreciated 14,582% to a $257.45 million valuation. Per calculations, the wallet moved the 2,700 BTC at a profit of $255.7 million, flipping his initial $1.7 million.

Meanwhile, the gains also reflect the rewarding potentials of patient crypto investors. The diamond-handed whale held through two bull cycles and bear retracements but remained true to his Bitcoin bags.

Notably, Bitcoin has grown past the whale’s $95,361 shuffle price, trading at $96,537. The flagship cryptocurrency remains on course for a yearly close above $100,000, as widely anticipated among market speculators.

Shiba Inu Lead Shares New Cryptic Post Hinting at Imminent Launch of TREAT

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Shytoshi Kusama, the pseudonymous Shiba Inu ecosystem lead, shares a new cryptic message, hinting at the imminent launch of TREAT. 

In the post, Kusama suggested that the broader Shiba Inu community is aligned and focused on common goals. He hinted at plans to commence a strategic ‘MEMLITARY OPERATION.’ This highlights a playful twist on Military Operation, combining the words ‘military’ and ‘meme.’ 

Notably, in this context, the Shiba Inu leader is indicating that the team behind the ecosystem is about to commence a strategic and organized initiative for a project like the upcoming TREAT token. 

Interestingly, he added the token’s tag to the post, further suggesting that the so-called memlitary operation revolves around TREAT. Furthermore, he asked the members of the Shiba Inu community if they are ready for the upcoming updates.

Kusama Says TREAT Will Soon Launch 

As expected, the post triggered reactions from Shiba Inu enthusiasts, with some asking Kusama to reveal the potential launch date for TREAT. 

However, the Shiba Inu lead refrained from giving a specific date, offering the usual response of ‘soon.’ This indicates that the upcoming launch of TREAT might be around the corner. 

In a follow-up comment, Shibarium Updates also hinted at the imminent launch of TREAT. The channel encouraged Kusama to deploy the ‘TREAT-Troopers’ and prepare for meme-level engagement. 

Notably, it stated that Shiba Inu’s memlitary is fueled, aligned, and locked on target, suggesting that the community is organized and ready for the anticipated launch of TREAT. 

TREAT Update 

Despite being introduced in 2022, TREAT is still not available for public use. However, the ecosystem team has made significant steps toward launching the token, including creating its official X account in February. At the time of writing, the account has 13,914 followers.

Recall that the team sold some portions of TREAT to VCs earlier this year. This was part of its $12 million fundraiser for the development of a Layer-3 privacy blockchain. 

TREAT will be the gas token of the blockchain. Moreover, it will also serve as the official reward token of the Shiba Inu ecosystem, with Kusama expecting the asset to lead other memecoins to utility. 

In the meantime, the team has issued several warnings relating to TREAT, cautioning investors against falling prey to scammers launching fake versions of the token. It advised the community to only follow official accounts for TREAT-related updates, including its launch. 

Analyst Says Dogecoin Price Action Similar to XRP, Sets $1.15 Target

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Market analysts maintain their bullish stance on Dogecoin, with a recent analysis suggesting its price action is similar to XRP, which recently exploded.

Despite a modest 3.34% decline so far in December, Dogecoin has maintained its position above $0.40. After surging 160% in November, analysts anticipate another significant rally for the meme coin, with projections hinting at a potential move toward $1.15. 

In a recent report, market analyst Jacob Canfield pointed out that Dogecoin’s current trajectory mirrors XRP’s behavior in lower time frames. For context, XRP has skyrocketed 52% over the past week to reclaim the $2 mark for the first time in nearly seven years.

Notably, DOGE could repeat a similar upside. Canfield’s chart confirmed the formation of higher lows, with Dogecoin holding prior resistance levels as support. This phase suggests a classical movement pattern that indicates a possible continuation of the upward momentum.  

Dogecoin 1h Chart Jacob Canfield
Dogecoin 1h Chart | Jacob Canfield

Canfield also highlighted the $0.48 level as an important pivot, while the $0.55 zone aligns with the 1.618 Fibonacci extension. This serves as the next major resistance area, while the $0.66 level represents a longer-term upside target at the 2.618 extension.

Dogecoin Ascending Triangle Breakout

Meanwhile, a separate analysis from Rekt Capital identified a daily ascending triangle structure for Dogecoin. His chart shows Dogecoin trading within an upward sloping trendline and horizontal resistance at $0.43. 

Interestingly, this bullish continuation pattern implies growing buyer interest near support levels. According to Rekt Capital, a daily close above $0.43 was essential to confirm the breakout, which occurred recently. DOGE recorded this breakout hours later.

Following the breakout, the analyst predicted a potential retest of the $0.43 level to validate support. If successful, the retest could lead to further price growth. However, at press time, DOGE has broken below $0.43, currently trading for $0.4046, defending the $0.40 support.

RSI Suggests Stronger Momentum

Notably, despite the breakdown, prominent commentator Trader Tardigrade recently confirmed the bullish narrative when he examined the relative strength index (RSI) on the 4-hour chart. 

According to him, recent RSI bounces from the oversold zone have led to significant price spikes of 40% and 200%. Tardigrade noted that each successive bounce is accompanied by increasing intensity.

He believes if this trend continues, Dogecoin could achieve a rally exceeding 200%, which places the price target above $1.15. Such a move would echo Dogecoin’s historical performance.

These reports suggest that the $0.40 acts as DOGE’s immediate support level. However, on the upside, resistance stands at $0.55, with the $0.66 Fibonacci extension as a longer-term target. Should momentum persist, the $1.15 target highlighted by Tardigrade becomes achievable.  

Top Experts Say We May Not See XRP Below $2 Again, Admit XRP Chart Looking Good

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Some market analysts believe XRP may never dip below $2 again, while others note that the current XRP chart looks good, suggesting potential for more growth.

XRP has been a top gainer in the ongoing bull market. For context, XRP closed November with a 283% gain, its largest monthly gain in seven years, capturing and soaring above the $2 level.

XRP Below $2

As XRP begins December on an equally positive note, market analysts like EGRAG suggest the bulls are likely to defend against substantial pullbacks. In a recent analysis, EGRAG argued that the market might never see XRP below $2 again.

For context, XRP surpassed $2 on Dec. 1, just three days ago. However, when the altcoin breached this mark, it rallied to a top of $2.9 two days later. Despite a correction from this peak, XRP has held above the $2 region, currently finding support at $2.5.

EGRAG believes this resilience will persist in case of more aggressive pullbacks. The market analyst suggested that XRP might record its highest yearly candle close this year. The asset is already up 313% in 2024, but EGRAG expects further upside in December.

XRP 12M Chart EGRAG Crypto
XRP 12M Chart | EGRAG Crypto

According to him, if XRP sustains its current bullish momentum, the bulls would have enough strength to hold $2. This would transform the $2 mark to the new macro support, a position previously held by the $0.50 price region. As a result, XRP could leverage the $2 level for any further upside in the future.

EGRAG congratulated investors who procured XRP below $2. He asserted that these market participants are becoming a part of history, as XRP looks to reclaim the all-time high above $3.3 and recover its footing in the broader crypto market.

XRP Chart Looking Good

Meanwhile, veteran analyst Raoul Pal, once an XRP critic, admitted recently that the XRP chart is “good-looking.” Notably, the chart shows an extensive wedge pattern on the 1-month timeframe that has guided XRP price action since it dropped from $3.31 in January 2018.

Pal confirmed that a similar wedge structure also materialized from December 2013 to March 2017. After XRP broke out of this earlier wedge, it recorded an additional 5,600% price surge, eventually reaching the January 2018 top of $3.31.

Data shows XRP finally broke out of the current wedge pattern when it spiked 283% in November. If history repeats, XRP could witness a more substantial spike in the coming months. However, Pal admitted that the rally might not be as explosive as the 2017 surge.

His latest XRP analysis follows a recent apology to the XRP community following the asset’s push above $2. Pal had previously advised against sticking to XRP in this bull run, arguing that those who do might miss out. However, amid the latest rally, he admitted his error. Meanwhile, XRP currently trades for $2.58, up 2.74% today.