As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I find myself both encouraged and perplexed by the recent performance of XRP. On one hand, I am heartened to see the broader market rallying on the back of Trump’s victory, with Bitcoin reaching new heights and smaller altcoins like DOGE, SOL, AVAX, SUI, and UNI skyrocketing. However, XRP, my long-time favorite coin, has once again found itself lagging behind.
TL;DR
- XRP lagged behind other assets despite a market rally tied to Trump’s win. However, some analysts remain hopeful for a breakout if it clears key price levels.
- Ripple’s CEO Brad Garlinghouse welcomed the Trump victory, calling for changes like replacing SEC Chair Gensler and clarifying Ethereum’s regulatory status.
XRP is Late for the Party… Again
Over the past few hours, the cryptocurrency market has experienced a significant surge following Donald Trump’s victory in the U.S. presidential election. Trump, as a Republican candidate, is seen as a favorable choice for cryptocurrency supporters, promising to foster the growth of bitcoin and hinting at creating a national Bitcoin reserve.
Earlier today, the main cryptocurrency reached a record high above $75K before currently trading at approximately $74,200, according to CoinGecko’s data. Additionally, other notable gainers are Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX), Sui (SUI), and Uniswap (UNI), all experiencing double-digit growth spikes.
Ripple’s XRP is seeing modest gains, with only a 2.5% rise over the past week, placing it below many of its competitors. At present, it’s trading at approximately $0.53. For those interested in understanding why XRP might be lagging, you can explore our detailed article on the subject [here].
Even though XRP’s performance has been lower than other market assets, many analysts continue to be hopeful that its value will eventually rise significantly. As per EGRAG CRYPTO user, XRP’s price pattern over the past years is said to resemble a “Just Do It” chart (similar to Nike’s logo). The trader anticipates that this trend could potentially push the price up to around $1.60 in the future.
Furthermore, the recommendation was made that if XRP manages a robust weekly closing above $1.10 and maintains this level as strong support, there’s a possibility that it might not drop below $1 again.
In addition to the current analysis, analysts such as Dark Defender and Crypto Rand have recently weighed in. Dark Defender posits that XRP could initiate a bull run if its price surpasses crucial resistance levels at $0.5286, $0.6044, and $0.6649. On the other hand, Crypto Rand asserts that the current momentum of XRP is “make or break,” with $0.50 serving as a significant support level.
Ripple’s CEO Congratulates Trump
As a crypto analyst, I’m thrilled to share that several influential figures within the cryptosphere have extended their congratulations following the Republican’s triumph. Among these notable personalities was Brad Garlinghouse, the CEO of Ripple, who also offered his warm wishes.
He additionally advised Trump to prioritize certain critical issues during his initial 100 days in office. Notably, he suggested Trump consider replacing Gary Gensler, the current SEC Chairman. It’s worth mentioning that a Republican pledged to remove the agency leader on their first day in office.
Gensler and the regulator he spearheads have been at war with many crypto businesses, including Ripple. The lawsuit between the company and the SEC has been among the hottest topics in the space for years.
It’s reasonable to anticipate that the XRP community believes Trump will keep his word and appoint a person who is more receptive to innovation, reducing the likelihood of ongoing legal disputes hindering the sector’s progress.
Garlinghouse also brought up the issue of Ethereum’s (ETH) standing. More specifically, he requested that President Trump categorize this second-largest digital currency as a non-security, in the same manner as Bitcoin (BTC) and Ripple (XRP).
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2024-11-07 01:58