What to know:
- XRP has formed a “descending triangle” pattern since its peak near $2.9 in early December. According to technical analysis, a bullish breakout from this pattern could lead to a 40% or more price increase, resuming the upward trend from early November when XRP was near 50 cents.
- The expectation of a crypto-friendly policy under Trump, following his election, has led to a significant price surge in XRP, increasing over 300% since November.
- Social sentiment has also been positive, with higher optimism for XRP compared to bitcoin and ether, according to Santiment.
In simple terms, changes in U.S. regulations and positive market trends might lead to a potential increase of 40% for XRP in the short term.
Over the past few weeks, the value of the payments-centric digital currency, XRP, peaked around $2.9 at the start of December but has since slowed down, forming a “falling wedge” or “descending triangle” pattern as seen through the lens of technical analysis.
The situation can be described as follows: A distinct lower horizontal line signifies persistent demand close to a particular price point, while an inclining upper line indicates that price rebounds are becoming less steep.
Based on the Technical Analysis perspective from the CMT Association, it’s common for descending triangles to conclude with a bearish break. Yet, bullish breakouts are generally more dependable and lucrative, typically yielding an average profit of between 47% and 16%.
Essentially, Omkar Godbole suggests that XRP might increase by around 40% or even more if its price manages to exceed its falling upper trendline, which would suggest a restart of the previous bull run that started from the lows in early November close to $0.50.
If prices deviate from the established pattern by falling beneath the horizontal line around $2.00, Godbole points out, that could potentially invalidate all previous assumptions.
As an analyst, I’m observing a surge in positive sentiment surrounding the token. A recent report from Santiment, a sentiment tracking service, indicates that there is a heightened level of optimism among the community regarding this token. Remarkably, this optimism appears to be greater than what’s currently observed for Bitcoin (BTC) or Ethereum (ETH), based on social media conversations and market discourse.
Following Donald Trump’s election, the value of XRP has skyrocketed by more than 300% compared to other significant cryptocurrencies. This dramatic increase can primarily be linked to anticipation for a favorable regulatory climate under Trump’s administration, which is expected to provide smoother paths for local crypto businesses like Ripple Labs – the organization with close ties to XRP.
The shift in the Securities and Exchange Commission (SEC) leadership, notably Gary Gensler’s departure, who is perceived as being critical towards cryptocurrencies, might pave the way for a more welcoming regulatory climate regarding XRP.
Last week, Ripple’s CEO, Brad Garlinghouse, stated that the upcoming government will bring an end to years of regulatory uncertainty, thereby unlocking fresh domestic chances that had been stalled under the previous administration.
2025 has arrived, and the Trump-era bull market is indeed a reality. For Ripple, this development carries a more profound impact, given that Gensler’s SEC has essentially halted our domestic business prospects for several years. The enthusiasm we feel is palpable and entirely justified.
Today:
✅ Three-quarters of Ripple’s open positions are now located within the United States, as…— Brad Garlinghouse (@bgarlinghouse) January 5, 2025
In the final six weeks of 2024, Ripple Labs announced entering into more U.S. agreements compared to the preceding six months, suggesting a tangible impact from the Trump administration on local business prospects.
As I reflect on the recent interview with Ripple’s President, Monica Long, it appears that we may be on the brink of seeing an XRP exchange-traded fund (ETF) materialize. Her optimistic tone suggests that this could become a reality “soon,” given the changing landscape of crypto regulations under the incoming Trump administration, which seems to be leaning more favorably towards digital currencies.
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2025-01-09 10:43