Category: Crypto market

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.

 

 

Ripple released many XRP tokens from its escrow on New Year’s Day amid its monthly plan. Whale Alert data emphasized that Ripple released 500 million XRP from its escrow account for an unspecified location.

The unlocked tokens were worth over $1 billion.  The token broke the $2.2 resistance line in the early hours of today amid high buying pressure.

The 500 million XRP unlock transaction was accompanied by a memo announcing that President-elect Donald Trump will be in the White House on January 20th. Trump’s arrival will “make crypto great again,” the author continued. The XRP community has been intrigued by this message, especially since it suggests that the year ahead will be bright for cryptocurrency in the United States. S. . with President Donald Trump in office.

According to data from Binance, the price of XRP, one of the largest cryptocurrencies by market capitalization, has increased by over 13% in the last day. It is one of the best-performing cryptocurrencies, outpacing the gains of significant altcoins like Ethereum (ETH).

Market expectations that the SEC will drop its appeal could help push the price back to $3. The token might also lose the $2 support line if short sellers gather momentum amid signs that the SEC will pursue the appeal.

This is a spectacular beginning for the Ripple base token that has dominated the fourth quarter of 2024. CoinGlass data shows that over $7 million worth of XRP shorts were liquidated in a single day. Almost 80% of the wipeout is caused by short positions.