- XRP’s price surge is supported by increased trading volume and market dominance.
- Analysts forecast XRP’s price could surpass $7.80, driven by bullish momentum.
- SEC leadership change may ease regulatory pressure, boosting XRP’s growth potential.
XRP’s recent upward movement signals a potential breakthrough in its price trajectory, with analysts forecasting an all-time high soon. According to Dark Defender’s analysis, XRP has nearly completed its throwback phase after breaking upward from a triangular formation which sets the stage for a substantial price increase.
Furthermore, data from Whale Alert shows a large transfer of 30 million XRP, worth over $76 million, from Upbit to an unknown wallet, adding to the excitement surrounding the cryptocurrency.
XRP Price Forecast: Reaching New Heights Beyond $7.80
Bobby A, a well-known market analyst, has indicated that XRP.D (XRP’s market dominance) is targeting a 14% market cap dominance at its 4.236 extension level. This level coincides with a significant historical point, suggesting strong upward momentum for the cryptocurrency.
With the total market cap at $3.2 trillion, a 14% dominance would push XRP’s price to approximately $7.80. However, analysts believe XRP’s price could go much higher than this estimate, as bullish sentiment continues to build.
Rising Trading Volume Signals Increased Market Interest
As of press time, XRP is trading at $2.54, reflecting a 3.28% increase in the past 24 hours. The 24-hour trading volume stands at an impressive $9.65 billion, indicating heightened investor interest.
This surge in trading activity is supported by data from Coinglass, which shows a 46.37% surge over the past 24 hours, bringing the total to $14.29 billion. This jump in volume signals growing interest in the asset, which has been a key indicator of bullish trends.
Open interest also saw a slight increase of 2.68%, reaching $5.33 billion. This suggests that traders are positioning themselves for a continued upward movement. Furthermore, options volume surged by 72.23%, highlighting the growing anticipation around XRP’s price action. With these developments, XRP is gaining momentum in the broader market.
Technical Indicators Point to Continued Bullish Momentum
XRP’s technical indicators reinforce the bullish outlook. The RSI (Relative Strength Index) is currently at 59.61, indicating that the market is approaching overbought conditions but has not yet reached extreme levels. This suggests that the bullish momentum could continue, albeit with caution for potential pullbacks.
Meanwhile, the MACD (Moving Average Convergence Divergence) shows positive territory with a slight convergence between the MACD and signal lines. While this indicates some cooling of momentum, it does not suggest an imminent bearish reversal.
Regulatory Changes Could Favor Ripple’s Future Growth
The upcoming departure of SEC Chair Gary Gensler on January 20 could significantly impact XRP’s future. Former Commissioner Paul Atkins is set to take over, and legal experts predict that his market-friendly approach could ease regulatory pressures on Ripple and the broader cryptocurrency market.
Gensler’s tenure was marked by an aggressive regulatory stance, but Atkins is expected to bring a more balanced perspective. This shift could pave the way for greater clarity and stability in the crypto market, further supporting XRP’s growth prospects.
