XRP Maintains Bullish Control: Can Bulls Reclaim Momentum Above $2.50?
The altcoin still has the majority of its 300% profits, which it accumulated in the latter half of 2024, even though XRP has sold off sharply in line with the general direction of the cryptocurrency market. The altcoin is still consolidating close to its falling trendline, hoping for a possible breakout above the crucial resistance zone between $2.50 and $2.60. This has allowed it to avoid a more severe drop between January 7 and January 9.
- Since breaking $2 on December 1, XRP has battled to stay above $2.30, the altcoin’s point of control (POC).
- A position above POC suggests that bulls are still in charge of the market as a whole.
XRP Ecosystem Updates Spark Speculation of Major Breakout
The XRP price is presently at a crucial decision-making zone, according to Valeriya, a cryptocurrency and forex trader. According to the trader, the altcoin’s upward rejection or bounce from the $2.15 to $2.20 level reveals the intent of key participants. Valeriya added that traders should keep a careful eye on XRP’s price movement because the asset is getting ready for a significant shift.
If the support zone resists, aggressive growth is expected with the nearest target of $2.91, where the liquidity of sellers is concentrated.
Valeriya
In addition to having a good market structure, XRP’s ecosystem has seen several encouraging developments that might draw in speculators. According to the president of Ripple, approval for an XRP spot ETF may occur very soon. Brad Garlinghouse, the CEO of Ripple, also recently posted a picture of himself with Donald Trump, the president-elect, which raised the possibility of an XRP surge following Trump’s inauguration on January 20. Moreover, Santiment data showed an increase in the positive sentiment score, indicating that these variables have improved the attitude of the crowd for XRP.
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