Ripple (XRP) May ‘Make History’ If It Breaks This Crucial Resistance Zone (Analyst)

TL;DR

While BTC and other assets rallied, XRP held steady, but analysts predict it could break out if it breaks key resistance levels. Some experts see potential regulatory changes under the Trump administration improving XRP’s performance. New ATH after this important milestone?

The cryptocurrency market has seen another bullish wave in the past 24 hours, with many leading assets pushing hard. Bitcoin (BTC) hit a new all-time high of nearly $77,000, Cardano (ADA) witnessed a price increase of nearly 20%, while Ethereum (ETH) is nearing $3,000.

Contrary to this, Ripple’s XRP is again among those posting little or no gains. It is currently trading at approximately $0.55, the same level seen on November 7th.

XRP Price, Source: CoinGecko

Despite its poor performance (compared to the rest of the market), numerous analysts remain optimistic that it could soon join the party. Popular X user Dark Defender claimed that XRP “recovered from our blue support level and touched the weekly Ichimoku clouds.” The trader also assumed that the asset’s weekly RSI (Relative Strength Index) was about to signal a golden cross.

That said, they set $0.6649 as a crucial resistance mark, after which XRP could explode to $1.88 and then an all-time high of $5.85.

Other bullish views came from Mikybull Crypto and Ben Armstrong (better known as “BitBoy”). The former predicted a “huge acceleration” coming in for the price of XRP, similar to what was seen after the previous US presidential election. Remember that Donald Trump won the most recent one (held earlier this week) and will officially become the 47th President of the United States in January next year.

“BitBoy” argued that firing US SEC Chairman Gary Gensler (as Trump previously promised) could make XRP the best-performing cryptocurrency in the top 100 club.

The regulator and its leader have been at war with several crypto companies, including Ripple. It’s safe to assume that the XRP army will encourage Gensler’s switch to someone more open to innovation and less inclined to hinder industry development through constant court battles. We have yet to see if Trump will follow through on his crypto promises.

Exceeding $1 for good in this condition

Another industry participant who gave his two cents on the matter was user X EGRAG CRYPTO. The analyst maintained that XRP’s value has been tracking a so-called “just do it” pattern (which resembles the Nike logo). The trader speculated that this trend could take the price to $1.60 in the future.

EGRAG CRYPTO also suggested that “a solid weekly close above $1.10 and confirmation as strong support” could mean XRP could “say goodbye” to $1 for good.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!