XRP gains 5%, fueled by ETF speculation and whale activity, as it targets $3 resistance levels.
XRP Rises Amid Altcoin Market Surge
Ripple’s XRP witnessed a 5% price increase on Tuesday, driven by strong buying pressure. Despite a broader crypto sell-off last week, major token holders, including whales, maintained their positions, showcasing confidence in XRP.
Bullish Factors Boost Market Sentiment
The market’s optimism is fueled by speculation surrounding a potential XRP ETF launch in 2025, President-elect Donald Trump’s administration, and the January inauguration of a new SEC leadership. These factors have contributed to XRP’s rebound from the $2.2 support level, signaling potential bullish momentum.
Liquidation Data Highlights Market Activity
According to Coinglass, XRP saw $5 million in liquidations over the past day. This includes $1.73 million in long positions and $3.5 million in shorts, reflecting heightened trading activity and speculative interest.
Consolidation with Positive Indicators
XRP remains in a consolidation phase after a sharp upward trend in November, followed by cooling off. Despite testing support earlier today, XRP retained the $2.2 level and now targets the $3 resistance. The Relative Strength Index (RSI) suggests slight bullish control, while the Stochastic Oscillator points to an impending crossover into bullish dominance.
Future Price Scenarios
A successful breakout above the triangle pattern’s upper boundary could drive XRP to retest its all-time high of $3.55. Conversely, a drop below $2 may lead to corrections, with significant support at the 50-day Simple Moving Average around $1.5.
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