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XRP price remained near the flatline today as the global crypto market showed signs of optimism, edging towards the green zone. Despite this stability, an expert has projected key support levels for Ripple’s native crypto, along with a long-term bullish target of $10. However, caution is advised, as the analyst also warned of a potential dip to $1.5 before the breakout occurs.
Why XRP Price Could Rally in the Coming Days
XRP has been under the spotlight, especially with the looming deadline for the US SEC to file its opening brief in the Ripple lawsuit. Recently, Ripple CLO Stuart Alderoty and CEO Brad Garlinghouse had a high-profile dinner with Donald Trump, sparking speculation about the potential for a favorable regulatory environment for Ripple. The timing of this dinner coincides with rising hopes for pro-crypto regulatory shifts in the US, particularly following Trump’s upcoming inauguration.
Further fueling speculation is the possibility of an XRP ETF approval, with market participants closely watching the unfolding legal situation. Many believe that the new SEC chair, Paul Atkins, might drop the Ripple lawsuit, and the possibility of a settlement seems more likely after Trump assumes office. These factors combined contribute to a growing sense of optimism among investors.
XRP Price Risks Falling to $1.5 Before Breakout
However, market experts like Ali Martinez caution investors about potential downside risks. Martinez notes that XRP price could face a sharp decline if it breaks down from its current triangle pattern. In such a scenario, the cryptocurrency could fall to as low as $1.5, with the .618 Fibonacci level identified as a key support target.
$XRP offers two potential entries. The first is the rising trendline of the pennant, at $2.05. The second is a breakout outside of the pennant, at $2.50.
— Ali (@ali_charts) January 9, 2025
Regardless of your entry, the target remains $10! pic.twitter.com/chpPehzUq7
That being said, Martinez remains bullish on XRP’s long-term prospects. He predicts two potential entry points for investors: $2.05 (the first rising trendline) and $2.50. Despite short-term risks, he sets a target of $10 for XRP, reflecting his growing confidence in the asset’s future performance.
XRP Market Activity and Sentiment
Currently, XRP price sits at $2.31, down 0.55%, with a trading volume surge of 30% to $5.4 billion. Despite this slight dip, XRP has maintained its stability amid broader market gains. Additionally, Ripple Labs recently transferred 300 million XRP, fueling speculation about future movements.
Also Read: Ripple’s XRPL v2.3.0 Upgrade: Key Enhancements for Institutional DeFi and Blockchain Scalability
Despite the market volatility, the outlook for XRP remains positive, especially with the expert’s long-term price target of $10, which continues to boost investor sentiment.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
