XRP Price Surge Expected Amidst Favorable Market Conditions

The cryptocurrency market is witnessing a significant surge in XRP prices, with the token experiencing a 375% increase from its September low. Currently, XRP is trading at $2.45, just a few points below last year’s high of $2.90.

Trump’s Administration and Potential Regulatory Changes

The upcoming inauguration of President-elect Donald Trump is expected to bring about significant changes in the cryptocurrency industry, particularly with regards to regulations. Trump’s administration has promised to make the U.S. a key player in the crypto industry by implementing friendly regulations.

One potential development that could benefit XRP is the approval of spot exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). Recent data shows that spot Bitcoin and Ethereum ETFs have accumulated over $111 billion and $13 billion in assets, respectively. A Ripple ETF could be a plausible scenario, given XRP’s status as one of the oldest and largest cryptocurrencies by market cap.

A poll on Polymarket suggests a 71% chance that an XRP-based ETF will be approved by year-end.

Potential SEC Changes and XRP’s Open Interest

Trump’s administration could also bring about changes at the SEC, with current Chair Gary Gensler expected to resign and be replaced by Paul Atkins. Atkins has expressed support for digital assets and may opt to drop several of the lawsuits the agency has filed. This development could be beneficial for XRP and the broader cryptocurrency market.

XRP’s open interest in the futures market has continued to rise, reaching $192 million – its highest level since Dec. 9. This suggests increased investor interest and potential momentum for the token.

XRP’s Bullish Chart Pattern

The daily chart indicates that XRP has formed a strong bullish pattern, suggesting a potential surge in the coming weeks. The token has developed a bullish pennant chart pattern, with a flagpole that started from $0.49 and extended to $1.8958.

XRP has remained comfortably above the 50-day and 200-day moving averages, which crossed in a bullish signal on Nov. 12. Given these indicators, XRP is likely to continue rising, with the next key resistance level at $2.90 – its highest swing point from 2024.

Tips for Investors:

  • Keep a close eye on XRP’s price movements and chart patterns for potential buy signals.
  • Consider the potential impact of regulatory changes on the cryptocurrency market.
  • Monitor XRP’s open interest in the futures market for signs of increased investor interest.

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