TL;DR
While BTC and other assets surged, XRP held steady, but analysts predict it could break out if it exceeds key resistance levels.
Some experts see potential regulatory changes under Trump’s administration boosting XRP’s performance.
The cryptocurrency market has experienced another bullish wave in the past 24 hours, with many leading assets pumping hard. Bitcoin (BTC) reached a new all-time high of almost $77,000, Cardano (ADA) witnessed a price increase of nearly 20%, while Ethereum (ETH) is inching toward $3,000.
Contrary to that, Ripple’s XRP is once again among those charting little-to-no gains. It currently trades at approximately $0.55, the same level witnessed on November 7.
Despite its underperformance (compared to the rest of the market), numerous analysts remain optimistic that it might soon join the party. The popular X user Dark Defender claimed XRP “bounced back from our blue support level and touched the Ichimoku Weekly Clouds.” The trader also assumed that the asset’s weekly RSI (Relative Strength Index) was about to signal a golden cross.
Having that said, they set $0.6649 as a crucial resistance mark, after which XRP could explode to $1.88 and then an all-time high of $5.85.
Other bullish opinions came from Mikybull Crypto and Ben Armstrong (better known as “BitBoy”). The former predicted an incoming “huge acceleration” for XRP’s price, similar to what was observed after the previous US presidential elections. Recall that Donald Trump won the most recent (held earlier this week) and will officially become America’s 47th President in January next year.
“BitBoy” argued that firing the US SEC’s Chairman Gary Gensler (as Trump previously promised) could make XRP the best-performing cryptocurrency from the top 100 club.
The regulator and its leader have been at war with multiple crypto firms, including Ripple. It is safe to assume that the XRP army will cheer Gensler’s change with someone more open to innovation and less inclined to hamper the industry’s development through constant court battles. We have yet to see whether Trump will stick to his crypto promises.
Another industry participant who gave their two cents on the matter was the X user EGRAG CRYPTO. The analyst maintained that XRP’s value has been tracing the so-called “just do it” pattern (resembling Nike’s logo). The trader speculated that this trend could push the price to $1.60 in the future.
EGRAG CRYPTO also suggested that “a solid weekly close above $1.10 and confirm it as strong support” could mean that XRP may “say goodbye” to $1 for good.
The post Ripple (XRP) Can ‘Make History’ if It Surpasses This Crucial Resistance Zone (Analyst) appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
