XRP Price Surges After Garlinghouse-Trump Meeting: Are We Witnessing the Start of a New Rally?
2 mins
By Elhadi Bouazizi
January 9, 2025, 12:56 GMT+0300
Updated by Elhadi Bouazizi
January 9, 2025, 13:00 GMT+0300
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Summary
Garlinghouse's meeting with the president, the potential launch of an XRP ETF, and the launch of the RLUSD stablecoin are all factors that have contributed to the rise in the price of XRP.
XRP price is facing resistance at the upper bound of a bearish correction wave, with strong support at the $2 level.
If the resistance is broken, the price may rise to $2.90. If the support is broken, it may fall to $1.70.
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The price of XRP, the third-largest cryptocurrency by market value, rose after Ripple CEO Brad Garlinghouse met with US President-elect Donald Trump.
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Garlinghouse tweeted on his X account, saying:
"Great dinner last night... strong start to 2025," he tweeted, accompanying a photo of himself with the US president-elect.
Since the US President-elect won the election, the price of XRP has increased by more than 370%, outperforming all other major cryptocurrencies. For example, the price of Dogecoin has doubled only once during the same period.
Fundamental factors supporting further rise
Aurelie Barthier, senior research analyst at Nansen, said:
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“Cryptocurrency investors are looking for new developments to support the bull market.”
She added that these developments could include news about slowing inflation in the US or labor markets, or guidance on the policies of the new US administration. However, Barthier expects markets to remain volatile until the picture becomes clearer.
“The Ripple CEO meeting with the US President-elect before his inauguration is definitely a positive sign,” Barthier noted.
The potential launch of an XRP exchange-traded fund (ETF) also contributed to the price rally, as Monica Long, CEO of Ripple, expected the fund to launch in the United States this year.
Additionally, Ripple’s USD-backed stablecoin RLUSD received regulatory approval in December.
Earlier on Wednesday, the stablecoin was listed on the Bitstamp cryptocurrency exchange.
Zahiruddin Tug, head of trading at Woorton Capital Markets, based in Paris, said:
“We are seeing a buying bias towards XRP this week, mainly from retail brokers and crypto funds.”
He added:
“This may be due to the recent positive news coming out of the Ripple Foundation. The listing of the XRP ETF and the launch of the RLUSD stablecoin.”
Technical analysis of XRP price
For daily chart, XRP price Source: TradingView
On the daily chart, XRP price is moving within a bearish correction wave, where it tested its upper limit several times in the past days but failed to break through it.
If this is possible, we will likely see the XRP price return to the $2.90 high.
In the bearish scenario, the correction wave stopped at the 38.2% Fibonacci correction level around $2, in a logic that coincides with the lower limit of the price channel. Therefore, it currently forms the strongest barrier against any attempts to decline.
“We are seeing a buying bias towards XRP this week, mainly from retail brokers and crypto funds.”
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