XRP’s price has been stuck in a “descending triangle” pattern since reaching about $2.9 in December, but traders are now speculating that a breakout could be imminent. A descending triangle, often seen as a precursor to a major price shift, typically signals a significant price movement—this time, potentially in a positive direction. Experts believe that if XRP manages to break past its upper trendline, it could surge by as much as 40% or more, continuing its remarkable rise from just $0.50 in November. According to Omkar Godbole from CoinDesk, “XRP could surge 40% or more if prices top the declining upper trendline, signaling a resumption of the preceding bull run.” However, Godbole cautions that if XRP’s price falls below $2.00, it could halt the bullish momentum.
XRP’s recent surge in popularity is also reflected in the growing buzz surrounding it on social media. A recent report from Sentiment Tracker showed that XRP is currently attracting more attention than Bitcoin or Ethereum. This surge in social sentiment is seen as a major catalyst for its price increase, as increased engagement often translates to greater investor confidence and market momentum.
One of the driving forces behind XRP’s rise is what’s being dubbed the “Trump Effect.” Since the election of Donald Trump, XRP’s value has skyrocketed by more than 300%. Many investors believe the change in political leadership has created a more favorable environment for cryptocurrencies, with Ripple CEO Brad Garlinghouse expressing optimism about the potential end of the “regulatory limbo” that has long hindered crypto in the U.S.
Ripple’s recent surge in U.S. deals, with more partnerships signed in the last six weeks of 2024 than in the previous six months, further suggests that the company is gaining ground. Additionally, Ripple President Monica Long has hinted at the possibility of an XRP exchange-traded fund (ETF) in the near future, a move that would significantly benefit the coin.
Also Read: Charles Hoskinson Praises XRP’s Community and Leadership, Takes a Jab at Hex Founder
With the departure of Gary Gensler, the former SEC chair known for his tough stance on crypto, the outlook for XRP has never looked more promising.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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