You can also find this article available in Spanish.
XRP, currently the third-largest cryptocurrency in terms of market capitalization, has been on a notable upswing, outperforming not only Bitcoin (BTC) and Ethereum (ETH) but the entire top ten cryptocurrencies. This surge in performance is largely driven by growing optimism among investors, who are anticipating a clearer regulatory landscape in the United States following Donald Trump’s election.
Adding to the optimism, Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has announced that he will step down on January 20. This move is seen by many as a potential catalyst for increased adoption and institutional investment in XRP. With the impending change in leadership, the development of XRP exchange-traded funds (ETFs), being advanced by firms like Canary Capital, Bitwise, WisdomThree, and 21Shares, appears to have a strong chance of gaining approval.
The likelihood of such approval seems even more promising given that Paul Atkins, a known pro-crypto advocate, has been nominated to succeed Gensler. If confirmed, Atkins could lead a new wave of crypto-friendly regulation in the U.S.
In the past month, XRP has experienced an impressive 400% increase in its value, recently hitting a six-year high of $2.91. This rise was accompanied by a jump in market capitalization, which soared by $120 billion over the last three weeks, bringing the total to an estimated $140 billion.
However, despite these positive trends, crypto analyst DarkDefender advises vigilance over certain price points in the coming days. In a recent social media update on X (previously known as Twitter), he outlined some critical Fibonacci resistance levels for XRP. He specifically noted $2.92 as a key level, explaining that while XRP approached $2.90, it then entered what he described as a “normal corrective phase.”
DarkDefender emphasized the importance of maintaining certain support levels—particularly $2.13 and $1.88—if XRP cannot successfully surpass the $2.92 resistance. He predicts that the currency might fluctuate between these levels briefly, but should it manage to break above $2.92, it could set its sights on a new mid-range target of $3.99. Achieving this would mean a new all-time high for XRP, surpassing its previous record of $3.40, assuming a 59% rise as DarkDefender anticipates.
Adding to this encouraging outlook, financial analyst Jacob King has highlighted a significant milestone for XRP. For the first time, during the current bullish trend, XRP’s trading volume has exceeded the combined trading volumes of Bitcoin and Ethereum. In the last 24 hours alone, XRP’s trading volume hit an impressive $2.19 billion, outstripping Bitcoin’s $1.6 billion and Ethereum’s $531 million. This shift indicates a heightened interest among investors in XRP.
As of now, XRP remains the third-largest token in the market, trading at $2.50, with a 7% price correction over the last 24 hours.
Featured image generated by DALL-E, with charts provided by TradingView.com.
