$XRP has gained over 3% in the past 24 hours, trading within a range of $1.06 to $1.15. The recent price surge is fueled by speculation surrounding potential changes in SEC leadership. Reports suggest that President-elect Donald Trump may replace SEC Chair Gary Gensler with a more crypto-friendly successor. While this speculation has boosted market sentiment, XRP remains far from its all-time high (ATH) of $3.30, raising questions about whether it can reach this level by year-end.
XRP Price Analysis
1. Current Market Situation:
XRP is trading between the golden pocket and the 78.6% Fibonacci retracement level on the weekly chart, with strong resistance around $1.30. The resistance zone starts at $1.26 and extends to $1.30, acting as a significant barrier to upward movement.
2. Key Support Zone:
The primary support lies between $0.94 and $1.00, a level that previously acted as resistance. In the event of a pullback, this range is likely to hold as a support zone.
3. Bullish Scenario:
A confirmed breakout above $1.30 could propel XRP to previous highs between $1.70 and $2.00. This resistance level is critical for potential upward momentum in the coming weeks.
4. Short-Term Price Pattern:
XRP is currently forming a price pattern resembling that of Cardano (ADA). If it breaks resistance at $1.14, the price could target $1.35, signaling a bullish continuation. Conversely, if support at $1.08 is breached, XRP may decline to $0.91–$0.92, representing a potential 15% drop.
5. XRP vs. Bitcoin:
On the weekly XRP/BTC chart, the altcoin could replicate its early 2021 pattern, where a double bottom led to significant gains. If this pattern repeats, XRP could double in value compared to Bitcoin, potentially delivering over 100% returns.
Summary
XRP is at a pivotal point, with key resistance and support levels likely to dictate its next move. A breakout above $1.30 could lead to substantial gains, while a drop below $1.08 may signal a short-term correction.
Disclaimer: The information provided is for educational purposes only and should not be considered financial or investment advice. Cryptocurrency investments are inherently risky and may lead to financial losses. Always conduct thorough research and consult a professional before making investment decisions.
