- Ripple’s $5 million XRP contribution highlights crypto’s growing political ties.
- XRP’s key support zone is $1.89–$1.92, with downside risks of $1.70.
- RSI’s “double tap” pattern suggests a potential short-term price rebound for XRP.
Ripple, a leading cryptocurrency company, has made a significant pledge of $5 million in XRP to support the inauguration celebrations of United States President-Elect Donald Trump. This contribution, which is part of the broader funding efforts for Trump’s three-day inauguration festivities, has caught the attention of both the crypto world and political observers. The funds will help finance various events, including parades, galas, and dinners, which will take place before and after Trump’s inauguration on January 20, 2025.
The involvement of crypto companies like Ripple in such high-profile events marks a growing intersection between the digital currency space and traditional political processes. This development could have broader implications for the market, especially as XRP continues to show strong price movements. While the political context of this donation may be notable, crypto enthusiasts are particularly focused on the potential effects on XRP’s market trajectory.
XRP Technical Indicators: A Bearish or Bullish Trend?
As Ripple’s contribution continues to make headlines, XRP’s technical charts are drawing attention from analysts. According to Dark Defender, a well-known market analyst, XRP is currently showing mixed signals on the 4-hour chart.
Specifically, XRP has formed a “double tap” pattern on both the Relative Strength Index (RSI) and the price chart. This pattern often suggests a potential reversal in momentum, especially when the RSI touches oversold levels (below 30). The analyst indicates that these signs could point to a rebound in XRP’s price in the short term.
On the daily timeframe, XRP shows a bullish pin bar, which further supports the idea of a price rebound. However, there are several key technical levels to watch for further clues on the market’s direction.
Key Price Levels and Trendlines
XRP’s price is currently facing significant resistance and support levels. The $1.89–$1.92 range has emerged as a critical support zone, where the price recently touched oversold conditions on the RSI. A failure to hold this support could lead to further declines, with $1.70 as the next potential downside target.
Conversely, a successful rebound and break above the immediate resistance range of $2.26–$2.30 could pave the way for XRP to target $2.90, a significant level that aligns with a peak seen in previous price action.
Ichimoku Cloud and Descending Trendlines
Another technical aspect to consider is XRP’s interaction with the Ichimoku Cloud. Currently, the price is below the cloud, which typically signals a bearish sentiment. Additionally, two descending trendlines act as resistance, both converging towards the upper right side of the chart. These trendlines indicate that, in the medium term, the market sentiment could remain bearish unless the price breaks through these levels.
As of press time, the live price of XRP stands at $2.36, up 3.01% in the last 24 hours, with a 24-hour trading volume of $26.36 billion.
