XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets
04 Décembre 2024 - 3:00PM
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XRP, the third-largest cryptocurrency by market capitalization, has
recently outperformed the top ten cryptocurrencies, including
Bitcoin (BTC) and Ethereum (ETH). This significant momentum comes
as investor sentiment grows in anticipation of clearer regulatory
frameworks in the United States, especially following Donald
Trump’s election. In addition, Securities and Exchange
Commission (SEC) Chairman Gary Gensler recently announced his
departure effective January 20, which many believe could pave the
way for increased adoption and institutional investment in XRP.
This could be achieved through the XRP exchange-traded fund (ETF)
market, which is being pursued by asset managers such as Canary
Capital, Bitwise, WisdomThree, and 21Shares. With the change
in leadership at the agency, the odds of approval continue to rise,
especially as the pro-crypto nominee to replace Gensler, Paul
Atkins, is shaping up to lead the new era of regulation in the
country. Key Fibonacci Resistance Ahead For XRP Over the past
thirty days, XRP has experienced a remarkable surge of 400%,
culminating in a six-year high of $2.91 reached over the past
weekend. This surge has been further supported by a
substantial increase in market capitalization, which has risen by
$120 billion in the last three weeks, bringing XRP’s total market
cap to approximately $140 billion. Related Reading: Analyst Says
Dogecoin Price At $1.3-$1.5 Is Still Possible, Here’s Why Despite
these encouraging trends, crypto analyst DarkDefender has
emphasized the importance of monitoring specific price levels in
the coming days. In a recent social media post on X (formerly
Twitter), he detailed critical Fibonacci levels for XRP. The
analyst identified $2.92 as a significant Fibonacci resistance
level, noting that XRP briefly reached $2.90 before experiencing a
“normal corrective phase.” DarkDefender highlighted the
necessity of holding certain support levels, particularly $2.13 and
$1.88, if XRP cannot break through the $2.92 resistance. The
analyst expects that the token could bounce between these levels
for a “few days,” but if the token breaks above $2.92, it could
target a new mid-range level of $3.99. This would mean a new
all-time high for the token above its current record mark of $3.40,
in the scenario that the token rises 59% as expected by
DarkDefender. Trading Volume Surges Past Bitcoin And Ethereum
Adding to the positive outlook, financial analyst Jacob King
pointed out a historic milestone for XRP: during the current
uptrend, XRP’s trading volume has surpassed the combined volumes of
Bitcoin and Ethereum for the first time. Related Reading:
Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic
Breakout Over the past 24 hours, XRP’s trading volume reached an
impressive $2.19 billion, significantly higher than Bitcoin’s $1.6
billion and Ethereum’s $531 million, underscoring the heightened
interest from investors in the XRP token. At the time of writing,
the market’s third largest token trades at $2.50, recording a 7%
correction in the 24 hour time frame. Featured image from DALL-E,
chart from TradingView.com
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