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The price of XRP has risen to its highest levels All time high (ATH) Valued at $3.4, sparking bullish sentiment in the XRP community. This price rise is due to bullish fundamentals, including Donald Trump’s acceptance of cryptocurrency reserves that may include the currency.
Factors behind the rise of XRP to ATH
CoinMarketCap data It shows that the price of XRP rose to $3.40 yesterday, a price level that represents an all-time high (ATH) on some exchanges like Binance and Kraken. This rise in prices occurred due to several factors, including the report that Donald Trump is open to the idea of creating an investment fund America’s first strategic reserve.
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As reported by Bitcoinist, this initiative will focus on cryptocurrencies established in the United States, including… Rebel, Solanaand USDC. This is bullish for these currencies, as it will lead to greater adoption of them. This news has already sparked a bullish sentiment among investors, sending XRP prices higher.
Before now, these investors, especially crypto whales, have been accumulating, which is another factor contributing to the rise in XRP prices. Bitcoinist reported that this category of investors has Bought 1.43 billion coins In two months. This is huge, since these accumulation trends always lead to price discovery, which is what we are seeing with XRP at the moment.
This accumulation trend appears to have been intensified by news regarding a potential cryptocurrency reserve that includes XRP. CoinMarketData shows that trading volume for the coin rose 7% over the past 24 hours, with $24.18 billion changed hands during the period. This rise in trading volume has also contributed to the rise in XRP prices.
At the same time, it is worth noting that the United States Securities and Exchange Commission (SEC) She filed her opening brief in her appeal against Ripple. However, this development was considered bullish for the price of XRP, as the Commission did not object to Judge Analisa Torres’ ruling that XRP is not a security.
Why are prices likely to continue rising?
XRP price is likely to continue rising based on its fundamentals and bullish technicals. From a fundamental perspective, Donald Trump He is scheduled to take office on January 20, which means this cryptocurrency reserve, which will include XRP, could come to life sooner rather than later. The Trump administration is also bullish on XRP due to the possibility of crypto-pro Paul Atkins emerging as the next head of the SEC.
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Pro Crypto by Paul Atkin This stance has led to expectations that the Commission will likely drop the appeal against Ripple once it takes office. The committee is also expected to approve pending XRP ETF applications under Atkins.
From a technical perspective, cryptocurrency analysts also gave a bullish outlook for the XRP price. Cryptocurrency Analyst CasiTrades Expect that XRP will break the ATH and rise to between $8 and $13.
At the time of writing, the price of XRP is trading at around $3.34, up more than 7% over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
The post XRP Price Rallies To ATH At $3.4, Here’s What’s Driving It And Why The Pump Will Continue first appeared on Investorempires.com.