Ripple’s XRP is down by more than five percent in the last 24 hours and is trading above the $1.50 level. The cryptocurrency is up by more than 40 percent in the last seven days and is now trying to break the $1.70 levels. Ripple’s XRP saw a massive surge after SEC Chairman Gary Gensler announced he will step down on January 20, 2025. This date aligns with the expected inauguration of Donald Trump as the 47th President.
The price has recently surpassed the 78.6% Fibonacci level, sitting around $1.30. As mentioned earlier, once XRP broke above this level, we anticipated a move towards the $1.60 to $1.70 range.
Short-Term Outlook
XRP’s bullish move continues as the price surges toward its $1.72 target, which comes from the flagpole pattern. The first target of $1.34 has already been achieved, and now the focus is on reaching the $1.72 level, which is slightly above the recent highs.
The move from $1.30 to $1.72 represents a near-term goal. However, as previously mentioned in the weekly analysis, XRP may face resistance in this range. The breakout to $1.72 would complete the bullish continuation pattern, which would then set up a test of the $1.60-$1.70 resistance zone.
Price Action and Targets Above $1.30
The levels mentioned above are critical to watch because once XRP clears this range, we could see a surge towards $2. Historically, this price zone has acted as strong resistance, and breaking through it would significantly enhance the bullish momentum. Regulatory clarity or any favorable legal outcomes related to the SEC case could fuel investor confidence and increase demand for XRP.
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