A Trump win appears to have generated significant tailwinds for the XRP price, pulling it out of its recent stagnation. However, today’s price action saw a cooldown, lapsing 0.84%.
Traders shouldn’t hold their breath just yet, though. A slowdown or even a slight correction is expected and healthy, given the flash 5.59% gain over the past few days.
Although the initial surge in attention has waned, with trading volume down 28% to $1.4 billion today, XRP’s rally doesn’t seem to be finished. This cooldown could be the breather needed for the next leg up.
Trump Wins Election: Is SEC Burden Lifted for XRP?
Trump’s victory represents a turning point for crypto, particularly XRP, which the Securities and Exchange Commission (SEC) dragged back into legal uncertainty last month when it filed an appeal against Ripple.
The new administration is expected to lead to a departure from the widely criticized “regulation by enforcement” approach to crypto assets under Chair Gary Gensler.
Not only is it likely that the SEC won’t be successful in its appeal, but Trump’s return to the White House opens the door to an XRP ETF. This could be a massive fundamental catalyst for the altcoin, much like how ETFs have bolstered Bitcoin.
By lifting the burden that XRP has suffered since 2020, when the SEC initially targeted Ripple, the path seems clear for a new high.
XRP Price Analysis: Is the Path to $10 Finally Clear?
This burden has manifested itself as a 4-year symmetrical triangle pattern, which XRP now appears poised to break.
XRP / USDT 1D chart, 4-year symmetrical triangle pattern. Source: Binance.
On the daily chart, the pattern appears to be developing as expected. After flirting with support at $0.4890, the XRP price has maintained this level and advanced toward the pattern’s upper resistance, although it has been rejected at $0.56.
This setback seemed inevitable as the flash rally led the Relative Strength Index (RSI) to approach overbought territory at 70, before correcting to a more neutral, yet still bullish, 63 to pace itself.
A sentiment echoed by the MACD as it maintains an explosive crossover above the signal line, a move which, in recent history, has consistently led to massive upticks in the XRP price.
Therefore, the $0.56 resistance probably won’t remain a challenge for long, especially considering the 50SMA and 200SMA now stand as potential support, setting sights on the upper resistance of the pattern.
Looking at the weekly chart, conditions appear to be improving as well. Although the MACD has yet to affirm a crossover, it appears to be on the path to doing so.
XRP / USDT 1W chart, pattern breakout target. Source: Binance.
The resistance at $0.61, in convergence with the recent 200SMA resistance, appears to be the target breakout zone. Given the pattern materializes, a conservative price target of $2 seems likely by the year’s end.
However, with potential fundamental catalysts stacking in its favor, the coveted $10 valuation doesn’t seem too unrealistic going into 2025.
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The post XRP Price Hits Monthly High – Is the Path to $10 Finally Clear? appeared first on Cryptonews.
