The cryptocurrency XRP has gained significant attention, rising over 10% in the past 24 hours. Analysts are optimistic about its price trajectory, citing technical indicators like the symmetrical triangle formation that suggests the asset has gained significant momentum. This article delves into the factors supporting XRP’s rise and its future prospects.
Crucial Breakthrough in Technical Analysis
Renowned investor Peter Brandt’s recent market capitalization prediction of $500 billion for XRP has made waves. He pointed out that the bullish flag formation visible in XRP’s price chart could technically validate a substantial increase in market value this year.
$3-XRP.jpeg” alt=”” width=”1512″ height=”768″ />On January 12, Brandt highlighted the bullish flag formation on XRP’s daily chart, indicating a potential significant rise for the coin within the year. He forecasted that XRP’s price could exceed $3, potentially reaching a target of $3.40. However, analysts emphasize the necessity for XRP to break through the resistance levels of $2.60 and the previous peak of $2.90 to push prices above $3.
Noteworthy Whale Activity
Popular analyst Ali Martinez noted that XRP is facing numerous short positions at the $2.60 level, indicating potential targeting of liquidation zones by market makers. Whale activity is also supporting this upward trend. Whale tracking platform Whale Alert reported a transfer of approximately $60 million worth of 24 million XRP from Upbit exchange to a wallet in the last 24 hours. Additionally, a transfer of 300 million XRP from Ripple to an anonymous wallet has caught attention.
Meanwhile, Ripple CEO Brad Garlinghouse announced significant developments in the U.S. and the approval of RLUSD stablecoin. He expressed belief that the Trump administration would enhance Ripple’s business development opportunities. Experts predict a high likelihood of XRP ETF approval this year, especially as Bank of America integrates XRP for internal transactions, potentially accelerating adoption.
Positive signals continue to emerge in the Ripple-SEC lawsuit. Lawyers speculate that the SEC’s new chair, Paul Atkins, may choose not to appeal the case. The meetings held between Ripple executives and Trump are also interpreted as signs that the case may soon reach a resolution.
