This year, the value of the native token for the XRP Ledger has skyrocketed over 42%, reaching a seven-year peak of approximately $3.3 as we speak, and a significant technical signal indicates that the upward trend may still be in its early stages.
In simpler terms, the price of XRP is escaping from a symmetrical triangle pattern on its chart. This pattern emerges when we draw two trendlines – one sloping downwards and another upwards – that converge within a specific range in price. To ensure this breakout is genuine rather than misleading, traders need to observe an increase in trading volume and at least two straight days where the closing price surpasses the trendline, as suggested by Investopedia.
In simpler terms, symmetrical triangles often suggest that the trend’s path will persist after the triangle is formed. So, if a symmetrical triangle appears following an uptrend, traders typically anticipate the price to move upwards further.
According to well-known cryptocurrency expert, Ali Martinez, the digital currency XRP has burst through the symmetrical triangle visible in its monthly chart following its recent surge. This breakout could suggest a possible price objective of around $15.
Based on its monthly chart, XRP appears to have burst free from a symmetrical triangle pattern, suggesting a possible upward trajectory with a potential goal of around $15!
— Ali (@ali_charts) January 16, 2025
It’s been observed that XRP is surpassing the general crypto market, thanks to various reasons. Notably, a recent analysis by JPMorgan proposes that a directly tradable exchange-traded fund (ETF) for XRP might draw billions of dollars from investors.
Under the hope for a more favorable regulatory climate towards cryptocurrencies during President-elect Donald Trump’s term, XRP experienced a significant increase in value. The prospective policy changes, like setting up a strategic Bitcoin reserve and appointing Paul Atkins as chairman of the SEC, have contributed to growing investor trust.
In a more casual and simplified manner: Atkins, known for his affinity towards cryptocurrencies, is being considered as a potential candidate to head the Securities and Exchange Commission (SEC), an organization currently engaged in a legal dispute with Ripple, a significant player within the XRP digital economy, regarding Ripple’s sales of XRP.
Trump’s supportive view towards cryptocurrencies has sparked discussions about the possibility of a XRP-focused Spot Exchange Traded Fund (ETF) being launched soon. Various firms like Bitwise, Canary Capital, WisdomTree, and 21Shares have already submitted applications for such XRP ETFs. Ripple’s CEO Brad Garlinghouse has hinted that a fund of this kind is simply “inevitable.
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2025-01-17 15:08