XRP Price Rallies To ATH At $3.4, Here’s What’s Driving It And Why The Pump Will Continue
XRP price has increased to All Time High (ATH) 3.4, triggering bullish sentiment in the XRP community. The surge in price is due to bullish fundamentals, including Donald Trump’s acceptance of cryptocurrency reserves that include the coin.
Factors behind XRP’s rise to ATH
CoinMarketCap data It shows that XRP price rose to $3.40 yesterday, a price level that represents the current all-time high (ATH) on some exchanges such as Binance and Kraken. This price surge was caused by a number of factors, including a report that Donald Trump accepted America’s First Strategic Reserve.
Related reading
As Bitcoinist reports, the plan will focus on cryptocurrencies created in the United States, including Ripple, Solanaand USDC. This is bullish for these tokens as it will lead to their increased adoption. The news has sparked bullish sentiment among investors, causing XRP prices to surge.
Until then, these investors, especially crypto whales, are accumulating funds, which is another factor causing the XRP price to surge. Bitcoinist reports that such investors 1.43 billion coins purchased Within two months. This is huge considering these accumulation trends always lead to price discovery, which is currently being witnessed with XRP.
This accumulation trend seems to have intensified with the news of XRP’s potential cryptocurrency reserve. CoinMarketData shows that the coin’s trading volume has surged by 7% in the past 24 hours, with transaction volume reaching $24.18 billion during the period. The surge in trading volume also drove the XRP price higher.
At the same time, it is worth mentioning that the United States Securities and Exchange Commission (SEC) Opening statements were filed in the appeal against Ripple. However, this development is seen as positive for XRP prices as the committee did not challenge Judge Analisa Torres’ ruling that XRP is not a security.
Why price increases are likely to continue
Based on its bullish fundamentals and technicals, XRP price is likely to continue surging. From a fundamental point of view, Donald Trump will take office on January 20, which means that this cryptocurrency reserve, including XRP, may become effective sooner than later. The Trump administration is also bullish on XRP as crypto supporter Paul Atkins may serve as the next SEC chairman.
Related reading
Paul Atkin’s Pro-Cryptocurrency This stance has led to predictions that the Commission may abandon its appeal against Ripple once it takes office. The committee is also expected to approve the pending XRP ETF application under Atkins.
From a technical perspective, cryptocurrency analysts have also given a bullish outlook on XRP price. Cryptocurrency Analyst CasiTrades XRP is predicted to break above its ATH and rebound to between $8 and $13.
As of this writing, XRP price is around $3.34, up more than 7% in the past 24 hours, according to CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
