XRP price snapped a three-day losing streak , rising by 1.5% at the time of writing to trade at $2.60. The bump came after US President Donald Trump shared a post on Truth Social aluding to how his tenure in office had helped XRP recover. Many investors have intepreted that to mean an impending end to Ripple Labs’ long-running legal battle against the Securities and Exchange Commission (SEC).
Trump previously met Ripple Labs CEO, Brad Garlinghouse, and the social media post is another proof that the President holds the XRP in high esteem. The crypto coin is seen as having strong potential to distrupt the mainstream payments ecosystem. XRP price is up by 24% year-to-date, but has experienced resistance at the $3.00 for the last month. As a result, it has declined by more than 12% in that period.
Beyond the Trump-fueled rise, XRP price upside is also supported by another ETF filing. The SEC acknowledged on Wednesday the receipt of a Bitwise application for an XRP spot ETF. That brings to five the number of XRP spot ETF applications filed to date, signifying strong institutional interest in the coin.
Meanwhile, Coinanalyze reports that XRP experienced a spike in open interest activity in the last 24 hours. The value of futures contracts rose by 16.9% in to $4.1 million in that period, and a continuation of the trend could add propulsion to the XRPUSD pair.
XRP Price Prediction
The momentum on XRP price favours the buyers to stay in control above the pivot mark at $2.55. The coin will likely meet the first resistance at $2.63. However, an extended upward momentum will break above that level and could test the second resistance at $2.70.
Alternatively, breaking below $2.55 will signal control by the sellers. That will likely tribber movement towards the first support at $2.50. Also, breaking below that level will invalidate the upside narrative and could go on to test the second support at $2.44.
