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XRP has taken a big hit, dropping nearly 8% in a day, after U.S. President Donald Trump changed his stance on crypto plans. He backed out of a strategy that aimed to create a national Bitcoin (BTC) reserve, crushing hopes that XRP could be included as a key reserve asset. This sudden turn has also caused XRP’s market cap to fall sharply.
Can XRP Break Out and Surge to $5?
XRP’s price has been going up and down, but crypto analyst Ali Martinez believes a big move could be around the corner. As per Martinez, the 1-day XRP chart shared a price chart showing a head-and-shoulders pattern, which usually means the price might drop.Â
However, if XRP stays above the key support level of around $2 and moves past the right shoulder, it could start a strong rise. This could lead to a price jump, possibly pushing it toward $5.
For this to happen, XRP needs strong buying support and a positive market trend. If that happens, the price could rise fast.
XRP-Spot ETF Developments
If an XRP spot ETF gets regulatory approval, it could attract big investors and push the price toward $5. However, the progress of such an ETF may depend on the SEC’s next move. If the SEC plans to appeal, it could reject XRP spot ETF applications, slowing down any potential market growth.
At the same time, Ripple and the SEC might be in talks over Judge Torres’ final ruling. Ripple could be working to overturn some or all of her decisions, which could impact the case’s outcome and XRP’s future.
Resistance Level To Wach
XRP’s price is at a crucial point. If it stays above the $2 support and breaks above the key resistance, it could start a strong rally, possibly reaching $2.8 soon.
Technical indicators show that the Relative Strength Index (RSI) is at 42, meaning XRP is neither overbought nor oversold, leaving room for potential price movement.
As of now, XRP is trading at $2.18, down 6.5% in the last 24 hours, with a market cap of $126.5 billion.
