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The XRP price has rallied to its all-time high (ATH)of $3.4, sparking bullish sentiment in the XRP community. This price surge is due to bullish fundamentals, including Donald Trump’s receptiveness to a crypto reserve that would include the coin. Factors Behind The XRP Rally To Its ATH
CoinMarketCap datashows that the XRP price rallied to $3.40 yesterday, a price level that represents its current all-time high (ATH) on some exchanges like Binance and Kraken. This price surge has occurred due to several factors, including a report that Donald Trump is receptive to the idea of an America-first strategic reserve. Related Reading Bitcoin Price Above $100,000 Renews Hope, Analyst Reveals The Cycle Top 1 day ago
As Bitcoinist reported, this initiative would focus on cryptocurrencies that were founded in the US, including XRP, Solana, and USDC. This is bullish for these coins, as it would lead to greater adoption for them. This news already sparked a bullish sentiment among investors, leading to this XRP price surge.
Before now, these investors, especially crypto whales, were accumulating, another factor contributing to the XRP price surge. Bitcoinist reported that this category of investors had bought 1.43 billion coinsin two months. This is massive, considering how these accumulation trends always lead to price discovery, which is being witnessed with XRP at the moment.
This accumulation trend looks to have intensified on the news of the potential crypto reserve involving XRP. CoinMarketData shows that the coin’s trading volume has surged by 7% in the last 24 hours, with $24.18 billion traded during this period. This surge in trading volume has also contributed to the XRP price rally.
Meanwhile, it is worth mentioning that the US Securities and Exchange Commission (SEC)filed its opening brief in its appeal against Ripple. However, this development was considered bullish for the XRP price, as the Commission did not dispute Judge Analisa Torres’ ruling that XRP isn’t a security. Why The Price Surge Is Likely To Continue
The XRP price surge will likely continue based on its bullish fundamentals and technicals. From a fundamental perspective, Donald Trumpis set to take office on January 20, meaning that this crypto reserve, which will include XRP, could come to life sooner rather than later. Trump’s administration is also bullish for XRP because of the possible emergence of pro-crypto Paul Atkins as the next SEC Chair. Related Reading Can The Dogecoin Price Rally For 3 Months Straight? 2021 Bull Market Performance Says Yes 1 day ago
Paul Atkin’s pro-cryptostance has led to predictions that the Commission will likely drop the appeal against Ripple once he takes office. The Commission is also expected to approve the pending XRP ETF applications under Atkins.
From a technical perspective, crypto analysts have also provided a bullish outlook for the XRP price. Crypto analyst CasiTradespredicted that XRP will break its ATH and rally to between $8 and $13. Source: X
At the time of writing, the XRP price is trading at around $3.34, up over 7% in the last 24 hours, according to data from CoinMarketCap. Price moves to make new peaks | Source: XRPUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com