Algorand price jumped more than 20% in 24 hours, retesting the key resistance level of $0.44 on January 15.

Algorand (Something) rose sharply with a bullish reversal that boosted XRP (XRP) reached highs of $3 for the first time since 2018 which also helped Stellar (XLM) higher.

With a 20% price increase, Algorand became the second biggest gainer among the top 100 cryptocurrencies by market cap during this period. The only token that beats it is Virtuals Protocol (hypothetical), which continues to rise amid growing interest in AI agent-based technologies.

For Algorand bulls, the rise to $0.44 represents a return to levels last seen in mid-December.

While ALGO has faced bearish rejection in this area twice in the past month, continued optimism in the market suggests further upside is likely.

Bullish news that the new US Securities and Exchange Commission may begin a new regime while winding down crypto enforcement actions has spurred the recent gains. Notably, current SEC Chairman Gary Gensler will exit the agency on January 20 Reports It suggests that the SEC's new leadership is looking to freeze non-fraudulent cryptocurrency claims.

The market reaction has sent most altcoins higher, with Algorand leading the likes of XRP, XLM, and LDO.

Amid the rise in Algorand prices, there has also been excitement around ALGO staking and the potential rewards holders can receive. On January 15, Algorand Foundation to publish About ALGO staking support on the Algorand Tinyman-based decentralized trading protocol.

2024 ended with Algorand in bullish momentum as L1 recorded a 34.6% rise in total value locked in real assets. Growth in Lofty-backed asset tokenization has helped RWA TVL.