Ripple’s XRP is enjoying a bullish phase, currently trading between $1.06 and $1.15, reflecting a rise of over 3% in the past 24 hours. Speculation around potential leadership changes at the U.S. Securities and Exchange Commission (SEC) is adding fuel to this momentum. Reports suggest that President-elect Donald Trump may appoint a crypto-friendly SEC chair, replacing the current chair, Gary Gensler.
While XRP has shown strength, it is still far from its all-time high (ATH) of $3.30. Analysts and traders are keenly watching for signals that could take the altcoin closer to this milestone.
XRP is trading close to a critical zone between the golden pocket and the 78.6% Fibonacci retracement level on the weekly chart. The 78.6% level, currently around $1.30, serves as strong resistance, with further resistance noted at $1.26. Breaking above this level could pave the way for XRP to revisit its previous highs near $1.70 to $2.
Support for XRP lies in the $0.94 to $1.00 range. This area, once a significant resistance zone, has now it turned into a support level. If the price retreats, this range is expected to hold firm.
A successful breakout above $1.30 would indicate a strong bullish continuation. In this scenario, XRP could target levels around $1.70 or even $2. Historical price action suggests that breaking key Fibonacci levels often leads to accelerated price movements.
On the downside, if XRP fails to sustain above $1.08, a drop to $0.91-$0.92 is likely. This decline would represent a correction of approximately 15% from current levels.
XRP is forming a pattern on the weekly chart that resembles previous bullish setups in altcoins like Cardano (ADA). Should XRP decisively break above $1.14, it could signal a rally toward $1.35. However, a failure to hold key support levels may result in downward pressure.
XRP’s performance against Bitcoin (XRP/BTC) shows interesting parallels to its price action in early 2021. Back then, a double-bottom formation led to significant price appreciation. Should this pattern repeat, XRP could potentially double in value against Bitcoin, suggesting gains of over 100% on the XRP/BTC trading pair.
The current bullish sentiment is partly driven by optimism around regulatory changes. The potential replacement of Gary Gensler with a more crypto-friendly SEC chair could signal a positive shift in U.S. crypto policy, benefiting Ripple and XRP.
Additionally, broader market conditions, including Bitcoin’s continued strength and institutional interest in crypto assets, are providing a favorable backdrop for XRP’s rally.
With XRP holding above $1.10 and testing critical resistance levels, the market outlook remains cautiously optimistic. The $1.30 resistance is a key threshold to watch. A break above this level could lead to a rally toward $2, while failure to hold support around $1.08 could see prices retrace to $0.91.
In the near term, traders should keep an eye on XRP’s performance against Bitcoin, as historical patterns suggest significant potential gains. As the market reacts to both technical signals and macro economic developments, XRP appears poised for further volatility and opportunities for growth.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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