XRP Price In Double-Digit Gain But Trump Coins Present New Challenge

Summary:
• XRP price has stayed within 3 percent of its all-time highs for the last for days and but Trump family coins could slow its upside.

XRP price spiked on Monday, leveraging the momentum surrounding Donald Trump’s inauguration to record double-digit growth. XRPUSD was up by 11% at the time of writing and traded at $3.28, staying within 3% of its record-high price for the fourth successive day. With that momentum, the coin is primed to stay on the upside in the coming days.

Not only is January 20 significant for XRP price because of Trump’s inauguration, but it also marks the date when Gary Gensler exits market regulators, Securities and Exchange Commission (SEC). Gensler will be replaced by Paul Atkins, a crypto-friendly former commissioner of the SEC nominated by Trump. Gensler’s reign was marked by a significant degree of highhandedness against XRP issuer, Ripple Labs, and his exit is good tidings for the coin.

Trump’s inauguration day was a double-edged sword for cryptocurrencies. The incoming US President and First Lady, Melania, launched two meme coins ahead of their return to the White House, stealing the limelight from most altcoins and meme coins. Trump’s $TRUMP token saw its market capitalisation peak at $12.7 billion, while $MELANIA’s peaked at $1.6 billion.

The two meme coins have exerted downward pressure on some assets in the market, and have led to high levels of volatility and liquidations. Therefore, the continuation of the trend could possibly have diverted some inflows from XRP price. Also, $TRUMP was down by 27% at the time of writing, underlining a high level of volatility that could trigger a shift from FOMO to FUD sentiment in the coming days.

XRP Price Prediction

The momentum on XRP price favours the continuation of the upside if action stays above $3.20. The first resistance will likely be at $3.35, but a stronger upward momentum could clear that barrier and test $3.50.

On the other hand, action below $3.20 will signal control by the sellers, with immediate support likely to be at $3.10. The upside thesis will be invalid if the price breaks below that mark, and the resulting momentum could potentially extend the decline to test $3.00.