XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets

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As a researcher with over a decade of experience in the cryptocurrency market, I have witnessed numerous bull runs and bear markets. However, the current momentum of XRP is particularly intriguing. The recent surge in price and trading volume, coupled with the potential regulatory changes, has created an environment ripe for significant growth.

As an analyst, I’ve noticed a remarkable surge in XRP’s performance lately. It’s currently the third-largest cryptocurrency by market capitalization, and it’s outpacing even the top ten digital currencies, including heavyweights like Bitcoin (BTC) and Ethereum (ETH). This impressive momentum seems to be fueled by growing investor optimism as we await more definite regulatory guidelines in the United States. The anticipation has heightened since Donald Trump’s election, suggesting a potential shift in the regulatory landscape that could favor cryptocurrencies.

As a crypto investor, I’ve been closely watching recent developments, and one exciting piece of news is the potential impact of Gary Gensler’s departure as Chairman of the Securities and Exchange Commission (SEC). His announcement effective January 20 has sparked speculation that his exit could open doors for accelerated adoption and institutional investment in XRP.

An approach for this could involve utilizing the market for XRP exchange-traded funds (ETFs), a venture that’s currently being explored by financial managers like Canary Capital, Bitwise, WisdomThree, and 21Shares.

Under the new leadership at the agency, the likelihood of approval has been climbing steadily. This is particularly true as Paul Atkins, a proponent of cryptocurrency, seems poised to take charge, ushering in a fresh wave of regulatory policies for the nation.

Key Fibonacci Resistance Ahead For XRP

For approximately a month now, XRP has seen an exceptional jump of around 400%. This impressive rise peaked over the weekend at a price point of $2.91, which represents a six-year maximum for the cryptocurrency.

Over the past three weeks, the market value of XRP has significantly grown by around $120 billion, pushing its overall market capitalization to roughly $140 billion.

Even though there are promising developments ahead, crypto expert DarkDefender underscores the significance of keeping a close eye on certain price points in the near future. Recently, he outlined significant Fibonacci levels pertinent to XRP on his social media platform (previously Twitter).

The expert marked $2.92 as an important Fibonacci resistance point, mentioning that XRP momentarily touched $2.90 before undergoing a typical correction period.

DarkDefender emphasized the importance of maintaining specific price points, notably $2.13 and $1.88, as crucial supports. If XRP fails to breach the $2.92 barrier, these levels could provide essential anchors.

According to the analyst’s prediction, the token might oscillate around these price points over the next few days. However, if the token surpasses the $2.92 mark, it could potentially reach a new intermediate level of $3.99. This would set a fresh high for the token, exceeding its existing peak of $3.40 by 59%, as suggested by DarkDefender’s forecast.

Trading Volume Surges Past Bitcoin And Ethereum

In a boost to the optimistic perspective, financial expert Jacob King highlighted an unprecedented achievement by XRP: during the ongoing rally, XRP’s trading activity exceeded the total trading volume of both Bitcoin and Ethereum for the first time in history.

In the last day, XRP’s trading activity surpassed $2.19 billion, which is substantially more than Bitcoin’s $1.6 billion and Ethereum’s $531 million, indicating a surge of investor attention towards the XRP digital coin.

Currently, as I’m typing this, the third-largest digital token is being traded for approximately $2.50. Over the past 24 hours, there has been a 7% decrease in its value.

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2024-12-04 17:10