XRP Price Rallies To ATH At $3.4, Here’s What’s Driving It And Why The Pump Will Continue
January 17 2025 - 9:30AM
NEWSBTC
The XRP price has rallied to its all-time high (ATH) of $3.4,
sparking bullish sentiment in the XRP community. This price surge
is due to bullish fundamentals, including Donald Trump’s
receptiveness to a crypto reserve that would include the
coin. Factors Behind The XRP Rally To Its ATH CoinMarketCap
data shows that the XRP price rallied to $3.40 yesterday, a price
level that represents its current all-time high (ATH) on some
exchanges like Binance and Kraken. This price surge has occurred
due to several factors, including a report that Donald Trump is
receptive to the idea of an America-first strategic reserve.
Related Reading: Bitcoin Price Above $100,000 Renews Hope, Analyst
Reveals The Cycle Top As Bitcoinist reported, this initiative would
focus on cryptocurrencies that were founded in the US, including
XRP, Solana, and USDC. This is bullish for these coins, as it would
lead to greater adoption for them. This news already sparked a
bullish sentiment among investors, leading to this XRP price
surge. Before now, these investors, especially crypto whales,
were accumulating, another factor contributing to the XRP price
surge. Bitcoinist reported that this category of investors had
bought 1.43 billion coins in two months. This is massive,
considering how these accumulation trends always lead to price
discovery, which is being witnessed with XRP at the moment.
This accumulation trend looks to have intensified on the news of
the potential crypto reserve involving XRP. CoinMarketData shows
that the coin’s trading volume has surged by 7% in the last 24
hours, with $24.18 billion traded during this period. This surge in
trading volume has also contributed to the XRP price rally.
Meanwhile, it is worth mentioning that the US Securities and
Exchange Commission (SEC) filed its opening brief in its appeal
against Ripple. However, this development was considered bullish
for the XRP price, as the Commission did not dispute Judge Analisa
Torres’ ruling that XRP isn’t a security. Why The Price Surge
Is Likely To Continue The XRP price surge will likely continue
based on its bullish fundamentals and technicals. From a
fundamental perspective, Donald Trump is set to take office on
January 20, meaning that this crypto reserve, which will include
XRP, could come to life sooner rather than later. Trump’s
administration is also bullish for XRP because of the possible
emergence of pro-crypto Paul Atkins as the next SEC Chair.
Related Reading: Can The Dogecoin Price Rally For 3 Months
Straight? 2021 Bull Market Performance Says Yes Paul Atkin’s
pro-crypto stance has led to predictions that the Commission will
likely drop the appeal against Ripple once he takes office. The
Commission is also expected to approve the pending XRP ETF
applications under Atkins. From a technical perspective,
crypto analysts have also provided a bullish outlook for the XRP
price. Crypto analyst CasiTrades predicted that XRP will break its
ATH and rally to between $8 and $13. At the time of writing,
the XRP price is trading at around $3.34, up over 7% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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