XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets

Share This Post

XRP, the third-largest cryptocurrency by market capitalization, has recently outperformed the top ten cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This significant momentum comes as investor sentiment grows in anticipation of clearer regulatory frameworks in the United States, especially following Donald Trump’s election. 

In addition, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his departure effective January 20, which many believe could pave the way for increased adoption and institutional investment in XRP.

This could be achieved through the XRP exchange-traded fund (ETF) market, which is being pursued by asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares. 

With the change in leadership at the agency, the odds of approval continue to rise, especially as the pro-crypto nominee to replace Gensler, Paul Atkins, is shaping up to lead the new era of regulation in the country. 

Key Fibonacci Resistance Ahead For XRP

Over the past thirty days, XRP has experienced a remarkable surge of 400%, culminating in a six-year high of $2.91 reached over the past weekend. 

This surge has been further supported by a substantial increase in market capitalization, which has risen by $120 billion in the last three weeks, bringing XRP’s total market cap to approximately $140 billion.

Despite these encouraging trends, crypto analyst DarkDefender has emphasized the importance of monitoring specific price levels in the coming days. In a recent social media post on X (formerly Twitter), he detailed critical Fibonacci levels for XRP. 

The analyst identified $2.92 as a significant Fibonacci resistance level, noting that XRP briefly reached $2.90 before experiencing a “normal corrective phase.” 

DarkDefender highlighted the necessity of holding certain support levels, particularly $2.13 and $1.88, if XRP cannot break through the $2.92 resistance. 

The analyst expects that the token could bounce between these levels for a “few days,” but if the token breaks above $2.92, it could target a new mid-range level of $3.99. This would mean a new all-time high for the token above its current record mark of $3.40, in the scenario that the token rises 59% as expected by DarkDefender.

Trading Volume Surges Past Bitcoin And Ethereum

Adding to the positive outlook, financial analyst Jacob King pointed out a historic milestone for XRP: during the current uptrend, XRP’s trading volume has surpassed the combined volumes of Bitcoin and Ethereum for the first time. 

Over the past 24 hours, XRP’s trading volume reached an impressive $2.19 billion, significantly higher than Bitcoin’s $1.6 billion and Ethereum’s $531 million, underscoring the heightened interest from investors in the XRP token.

At the time of writing, the market’s third largest token trades at $2.50, recording a 7% correction in the 24 hour time frame.

XRP

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Retail Demand Surges for Bitcoin: The Journey Towards $100K and Beyond Begins?

Bitcoin has once again captured the spotlight as retail demand surges to levels not seen since 2020 CryptoQuant analyst Darkfost recently analyzed this development in a report titled “Bitcoin

Gary Gensler’s Rule Ends, Can Paul Atkins Reverse Crypto’s SEC Nightmare?

The post Gary Gensler’s Rule Ends, Can Paul Atkins Reverse Crypto’s SEC Nightmare appeared first on Coinpedia Fintech News On the day Republican leader Donald Trump, with a pro-crypto position,

Bitcoin News: Eleven US States Prepare Strategic BTC Reserve Legislation

The post Bitcoin News: Eleven US States Prepare Strategic BTC Reserve Legislation appeared first on Coinpedia Fintech News The mainstream adoption of Bitcoin (BTC) has moved from individual traders

The Truth Behind the Dogecoin Price Rally Will Shock You, Rival Altcoin to Catch Up and Hit $1

The post The Truth Behind the Dogecoin Price Rally Will Shock You, Rival Altcoin to Catch Up and Hit $1 appeared first on Coinpedia Fintech News The Dogecoin price movement has been one of the

Grayscale Files for Solana ETF With NYSE Arca Amid Expanding Crypto Offerings

The multi-billion-dollar crypto asset manager has joined the race to launch the first spot solana exchange-traded fund (ETF) in the US Grayscale Becomes Fifth Asset Manager to File for a Solana ETF

Bitcoin (BTC) Price Prediction (Dec 05th 2024)

The post Bitcoin (BTC) Price Prediction (Dec 05th 2024) appeared first on Coinpedia Fintech News Story Highlights The Bitcoin price hits $100k A major milestone achieved by the cryptocurrency