In recent developments, Ripple’s XRP has experienced a notable decline of over five percent within the past 24 hours, currently trading just above the $1.50 mark. Despite this short-term dip, XRP has showcased a remarkable upward trajectory, boasting an over 40 percent increase in the past week as it strives to conquer the $1.70 benchmark.
The cryptocurrency experienced a significant boost following the announcement from SEC Chairman Gary Gensler about his planned resignation on January 20, 2025. This date intriguingly coincides with the expected inauguration of Donald Trump as the 47th President of the United States.
Recently, XRP surpassed the critical 78.6% Fibonacci retracement level positioned around $1.30. As anticipated, breaking above this threshold has set the stage for XRP to aim for the $1.60 to $1.70 range, signaling potential bullish momentum for investors and traders alike.
Short-Term Outlook
XRP’s optimistic trajectory persists as the price edges closer to its $1.72 target, derived from the flagpole pattern. Having already achieved the initial target of $1.34, attention now shifts to reaching the $1.72 mark, which slightly exceeds recent highs.
The progression from $1.30 to $1.72 represents a short-term objective. However, as highlighted in the weekly analysis, XRP may encounter resistance within this range. Breaking out to $1.72 would complete the bullish continuation pattern and potentially set the stage for testing the $1.60-$1.70 resistance zone.
Price Action and Targets Above $1.30
The levels identified above are crucial for monitoring, as clearing this range could propel XRP towards the $2 level. Historically, this price zone has served as robust resistance, and breaking through it would significantly bolster the bullish momentum.
Regulatory clarity or favorable legal outcomes regarding the SEC case could further boost investor confidence, potentially increasing demand for XRP. These factors are pivotal in shaping the future price trajectory of the cryptocurrency.
How High Will XRP Go?
If XRP successfully breaches the $1.60-$1.70 resistance zone and sustains its bullish momentum, it could potentially surge towards the $2 mark. Such a move would represent a significant milestone, attracting renewed attention and interest from the cryptocurrency community.
