XRP Long Term Buyers Bet On President Trump

Ripple’s XRP  was trading at $2.4, up more than 7 for the day.  The Ripple-based token had steadily risen above $2, a significant 2021 resistance level.  XRP demonstrated strength and stability by staying above this level. For holders of XRP, this is encouraging because it signals a change in the market from the volatility observed in prior years when prices frequently broke above resistance levels only to drop sharply afterward.

 

 

There are rumors that Donald Trump could influence XRP’s current court appeal. Notably, FOX Business Senior Correspondent Charles Gasparino agrees, speculating that a change in administration—specifically, Trump’s presidency and the appointment of pro-crypto advocate Paul Atkins as SEC Chair—may alter the SEC’s approach to the case. In particular, he proposed that the SEC reverse the programmatic sales ruling or withdraw its appeal against Ripple.

The Dormant Circulation (90d) metric spiked, indicating that investors who had held XRP within the previous 90 days were the primary source of profit-taking.  Long-term holders have taken a slightly different stance, building up the selling pressure from these short-term holders, as evidenced by a rise in the Mean Coin Age metric.

The Mean Coin Age metric calculates the average duration of time that each XRP token has remained at its current address. The Santiment data showed that an increase suggests that accumulation predominates over distribution.

Price Outlook

XRP must hold the $2 support line to maintain the bullish race. The broader bullish thesis would be invalidated if the Ripple-based token breaks below this support level, which might indicate a bearish trend.

XRP may see one more upward push on the micro-scale, possibly reaching new resistance levels. Higher resistance can be found at $2.54, $2.61, and $2.62 after the immediate target areas. the altcoin  may indicate a bearish move towards lower levels if it breaks below the $2.2 mark.

 

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments