- Summary:
- XRP price has struggled to find stability above the 1.50 mark, making it the immediate target price to build on last week's 40 percent gain.
XRP price has been mimicking Bitcoin’s movement in the last three sessions. The coin has been trading sideways in recent days, and its struggles near the $1.50 mark is noticeable. A move past that mark could potentially clear the past to hit $2. Nonetheless, its gains of 38 percent in the last week have built a strong bullish momentum that favours the continuation of the upside.
The biggest news for XRP price, is of course, last week’s announcement by Securities and Exchange Commission (SEC) chairman, Gary Gensler that he will be stepping down on January 20. His timing of exit from the market regulator on the day Donald Trump will be sworn into office underlines the impending change of policy toward the crypto industry.
For XRP, it also raises the prospect that the SEC could withdraw its case against the coin’s issuer, Ripple Labs. With the legal hurdle out of the way, XRP could be primed for a strong upside driven by institutional adoption. Besides Gensler’s resignation news, investors are also looking forward to the approval of a spot XRP ETF to add tailwinds to the price in the long term.
Maenwhile, a spike in the volume of trading supports a bullish view for XRP price upside in the near-term. With XRP price up by 2.4 percent on the daily chart, its 24-hour traded volume was up by 12 percent. A rise in an asset’s traded volume during an uptrend typically shows rising investor interest.
XRP price is currently below the $2 mark by just 26 percent, signaling an uphill task in the near term. However, it could hit that target if it replicates last week’s momentum. With the key fundamentals and on-chain metrics providing traction, that target does seem achievable.
XRP price forecast
Pivot: XRP pivots at 1.46 as seen on the chart below. Action above that mark will favour the upside. Conversely, a break below it will signal bearish control.
Resistance: The momentum indicator favours the upside. With that, the price is likely to rise further and encounter the first hurdle at 1.49. A stronger momentum will break past that barrier and test 1.50.
Support: Moving below 1.46 will signal the onset of a downside momentum. XRP is likely to find initial support at 1.45. A stronger bearish action will break below that mark and invalidate the upside narrative. Meanwhile, the price could descend further to test the second support at 1.33.
