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XRP, the third-largest cryptocurrency by market cap, recently outperformed the top ten cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This great momentum comes as investor sentiment grows in anticipation of clearer regulatory frameworks in the United States, especially after the election of Donald Trump.
In addition, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently Announce His departure is effective January 20, which many believe could pave the way for increased adoption and institutional investment in XRP.
This can be achieved through XRP Exchange-traded fund (ETF), which is followed by asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares.
With the change in leadership at the agency, approval odds continue to rise, especially since the pro-crypto nominee to replace Gensler, Paul Atkinsis being formed to lead a new era of organization in the country.
Key Fibonacci resistance against XRP
Over the past 30 days, XRP has seen a remarkable 400% rise, peaking at a six-year high of $2.91 that was reached over the past weekend.
This increase was further supported by a significant increase in Market valuewhich has risen by $120 billion in the past three weeks, bringing the total market cap of XRP to about $140 billion.
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Despite these encouraging trends, cryptocurrency analyst DarkDefender stressed the importance of monitoring specific price levels in the coming days. Recently Social media sharing On X (formerly Twitter), he detailed critical Fibonacci levels for XRP.
The analyst identified $2.92 as an important Fibonacci resistance level, noting that XRP briefly reached $2.90 before facing a “normal corrective phase.”
DarkDefender highlighted the need to maintain certain support levels, especially $2.13 and $1.88, if XRP is unable to break through the $2.92 resistance level.
The analyst expects the token to bounce between these levels “for a few days,” but if the token crosses $2.92, it could target a new level. Medium range level From $3.99. This means a new all-time high for the token above its current record mark of $3.40, in a scenario where the token rises 59% as predicted by DarkDefender.
Trading volume rises beyond Bitcoin and Ethereum
In addition to the positive expectations, said financial analyst Jacob King He pointed out This is a historical milestone for XRP: during the current bull run, XRP trading volume exceeded the combined volumes of Bitcoin and Ethereum for the first time.
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Over the past 24 hours, XRP has emerged Trading volume It reached $2.19 billion, which is much higher than Bitcoin’s $1.6 billion and Ethereum’s $531 million, confirming the growing interest from investors in the XRP token.
At the time of writing, the third largest token on the market is trading at $2.50, marking a 7% correction in the 24-hour time frame.
Featured image of DALL-E, chart from TradingView.com
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