Why is XRP price up today?
XRP’s price surged over 20% in 24 hours, reaching $2.36 on Dec. 21. The rally coincided with reports of Ripple’s $5M XRP donation to Trump’s inauguration, following similar $1M contributions from Coinbase and Kraken. Fox Business highlighted Ripple’s likely involvement, echoing earlier claims by CEO Brad Garlinghouse.
These events unfold as Ripple, Coinbase, and Kraken confront the SEC in lawsuits. Trump’s reelection and his nominee Paul Atkins, known for pro-crypto views, suggest a friendlier SEC stance. XRP holders view this as a positive signal for Ripple’s legal resolution, driving today’s price gains.
XRP technicals signal potential gains
XRP’s price rebound aligns with technical indicators:
1. The 4-hour RSI briefly dipped below 30, signaling oversold conditions and triggering buyer interest.
2. XRP found support near its 200-4H EMA (~$2.00), aligned with a historical accumulation zone.
However, the daily chart shows a descending triangle, a bearish pattern often signaling potential declines. A breakdown below $2.00 could push XRP to $1.77 (-22.5%), aligning with its 50-day EMA.
On the upside, a breakout above the triangle’s resistance may target $2.90, XRP’s December high.