Will It Break $2.9? Key Support Levels And Future Targets
XRP is the third-largest cryptocurrency by market capitalization and has recently outperformed top ten cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The significant momentum comes amid heightened investor sentiment in anticipation of a clearer U.S. regulatory framework, especially following the election of Donald Trump.
In addition, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler recently Announce His departure will be effective on January 20, and many believe it could pave the way for XRP adoption and increased institutional investment.
This can be achieved through XRP exchange traded funds (ETF) market, attracting the attention of asset management companies such as Canary Capital, Bitwise, WisdomThree and 21Shares.
The odds of approval continue to rise amid changes in leadership at the agency, especially with a pro-crypto nominee replacing Gensler. Paul Atkinsis leading a new era of national supervision.
Key Fibonacci resistance levels ahead for XRP
Over the past 30 days, XRP has experienced a staggering 400% surge, eventually reaching a six-year high of $2.91 last weekend.
This surge is further supported by Market valueThe $120 billion gain over the past three weeks brings XRP’s total market capitalization to approximately $140 billion.
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Despite these encouraging trends, cryptocurrency analyst DarkDefender still emphasized the importance of monitoring specific price levels in the coming days. in the most recent social media posts Taking to X (formerly Twitter), he detailed XRP’s key Fibonacci levels.
The analyst identified $2.92 as a significant Fibonacci resistance level, noting that XRP briefly reached $2.90 before going through a “normal correction phase.”
DarkDefender emphasized that if XRP cannot break through the $2.92 resistance, it must maintain certain support levels, specifically $2.13 and $1.88.
Analysts expect the coin may bounce between these levels for “a few days,” but if the coin breaks out above $2.92, it could aim for a new target Mid-range level $3.99. If the coin rises by 59%, as DarkDefender expects, it would mean the coin would reach a new all-time high, above the current record mark of $3.40.
Transaction volume surges beyond Bitcoin and Ethereum
Financial analyst Jacob King is more optimistic about the outlook point out A historic milestone for XRP: For the first time in the current uptrend, XRP’s trading volume has surpassed the trading volume of Bitcoin and Ethereum combined.
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In the past 24 hours, XRP trading volume It reached an impressive $2.19 billion, well above Bitcoin’s $1.6 billion and Ethereum’s $531 million, underscoring the strong interest among investors in the XRP token.
As of this writing, the market’s third-largest coin is trading at $2.50, having retraced 7% in 24 hours.
Featured images from DALL-E, charts from TradingView.com
