Yesterday, I experienced a significant rise in the value of my Ripple‘s XRP holdings as they reached a new peak. This surge was likely driven by news that President-elect Donald Trump is considering the creation of a strategic reserve primarily for U.S.-based cryptocurrencies, tentatively named “America-first.” If established, this reserve might include XRP, among other digital assets.
The hypothesis that XRP could have potential has led to an increase in transactions within the XRP market. In fact, over the last 24 hours, the spot trading volume of XRP has exceeded $20 billion. As interest and demand for this altcoin continue to grow, its price may reach a record high in the coming days.
Ripple Sees Increased Trading Volume, Thanks to Donald Trump
Based on a report from the New York Post dated January 16th, it appears that Trump is open to the suggestion of creating a strategic reserve exclusively for cryptocurrencies, dubbed an “America-first” reserve. This hypothetical reserve would potentially include digital assets such as Ripple (XRP), Solana (SOL), and Circle’s USDC stablecoin.
During yesterday’s trading, XRP reached a new peak price of $3.40. With substantial trading continuing, the currency’s trading volume has accumulated to a massive $24 billion in the last 24 hours, marking its highest point since April 2021.
At the moment, XRP is being traded at approximately $3.33, marking a 7% rise over the past day. When an asset’s price and trading volume significantly increase, it usually means there’s more activity in the market due to increased demand. This trend points towards substantial interest in XRP and implies a potential prolonged price hike.
boosting the optimistic trend, it’s been noted that XRP’s open interest has reached a record peak. This suggests robust conviction among its derivative traders, who are placing wagers on continued price increases. Currently, this figure stands at approximately $3.4 billion.
The term “open interest” refers to the collective number of unfilled contracts (either futures or options) yet to be settled or closed. A spike in open interest during a rally indicates that new positions are being initiated, signaling strong confidence among traders. This increase suggests that the upward trend might persist since more market players are placing wagers on further price fluctuations.
XRP Price Prediction: Altcoin Could Reach New Heights Soon
The Aroon indicator for XRP, as seen on the daily chart, underscores the robustness of its ongoing upward trend. Presently, the Up Line stands at 92.86%, suggesting a powerful bullish inclination towards this digital currency.
The Aroon indicator evaluates the intensity of a market trend. If the Aroon Up Line approaches 100%, it signifies a robust uptrend, suggesting that the price has recently reached a notable peak. If this trend persists, we can expect XRP’s price to reach another high in the near future.
However, if profit-taking activity commences, this could drive XRP’s price down below $3 to $2.69.
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2025-01-17 16:24