XRP, currently ranking as the third-largest cryptocurrency by market capitalization, has recently demonstrated remarkable performance, surpassing the top ten digital currencies, including Bitcoin (BTC) and Ethereum (ETH). This impressive momentum is fueled by growing investor optimism, particularly anticipating the establishment of clearer regulatory frameworks in the United States. The recent election of Donald Trump has further catalyzed this shift in sentiment.
Moreover, the announcement by Securities and Exchange Commission (SEC) Chairman Gary Gensler of his impending departure, effective January 20, has sparked speculation. Many believe this could open doors for enhanced adoption and institutional investment in XRP. The potential expansion of the XRP exchange-traded fund (ETF) market, pursued by prominent asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares, could further bolster this trend.
Impact of Leadership Change on XRP’s Future
The transition in leadership at the SEC is anticipated to increase the likelihood of regulatory approval, especially with pro-crypto nominee Paul Atkins poised to lead a new regulatory era in the country. This change could usher in a favorable environment for cryptocurrencies, with XRP standing to benefit significantly.
Key Fibonacci Resistance Ahead For XRP
Over the past month, XRP has experienced an extraordinary surge of 400%, reaching a six-year high of $2.91 over the last weekend. This upward trajectory has been buoyed by a significant increase in market capitalization, which has grown by $120 billion in the past three weeks, elevating XRP’s total market cap to approximately $140 billion.
Critical Fibonacci Levels to Watch
Despite these promising developments, crypto analyst DarkDefender underscores the necessity of closely monitoring specific price levels in the coming days. In a recent post on X (formerly Twitter), he delineated crucial Fibonacci levels for XRP. He pinpointed $2.92 as a major Fibonacci resistance level, noting that XRP briefly touched $2.90 before entering a “normal corrective phase.”
DarkDefender emphasized the importance of maintaining certain support levels, particularly $2.13 and $1.88, should XRP fail to break through the $2.92 resistance. The analyst predicts that the token may oscillate between these levels for a “few days.” However, if the token manages to surpass $2.92, it could aim for a new mid-range target of $3.99, potentially achieving a new all-time high above its current record mark of $3.40, should it rise by 59% as projected by DarkDefender.
Trading Volume Surges Past Bitcoin And Ethereum
Further enhancing the positive outlook for XRP, financial analyst Jacob King highlighted a historic milestone: during the current uptrend, XRP’s trading volume has eclipsed the combined volumes of Bitcoin and Ethereum for the first time.
Unprecedented Trading Volume
In the past 24 hours, XRP’s trading volume soared to an impressive $2.19 billion, significantly outstripping Bitcoin’s $1.6 billion and Ethereum’s $531 million. This surge underscores the heightened interest and confidence investors are placing in the XRP token.
As of the current moment, XRP, the market’s third-largest token, is trading at $2.50, marking a 7% correction within the 24-hour timeframe. The daily chart illustrates XRP’s price correction following last week’s uptrend, reflecting the dynamic and volatile nature of the cryptocurrency market.
