- XRP rebounded from the $2.90 price level and is back above $3.
- The RSI indicator is overwhelmingly positive for the XRP price action.
- Possible approval of an XRP ETF and Trump’s Inauguration Day could push XRP higher.
XRP, with a market cap of $182 billion, is staying steady above the $3 price level, despite a 1.53% dip in the past 24 hours. The token briefly touched a low of $2.90 but regained momentum to trade at $3.16, according to CoinMarketCap data.
Today marks President-elect Donald Trump’s inauguration day, a significant event fueling optimism across the crypto market. Analysts suggest XRP, HBAR, and ADA, issued by U.S.-based companies are to benefit the most under the pro-crypto administration of Donald Trump.
The prospect of an XRP exchange-traded fund (ETF) approval is also factor driving bullish sentiment. Additionally, significant downtimes for Solana (SOL), a rival to the XRP Ledger, further strengthened XRPL’s position.
Notably, Solana faced disruptions following the launch of Trump’s meme coins, TRUMP and MELANIA, which placed added stress on the blockchain. XRP community members on X highlighted this downtime for Solana, emphasizing on XRPL’s dominance when it comes to transaction capability.
Will XRP Break Resistance to Set New Highs?
XRP climbed to a high of $3.25, recording a 9.35% gain on the daily candle. The asset recovered losses from earlier in the week and is now targeting a new all-time high. To achieve this, XRP must close today’s candle higher than the previous one, signaling continued bullish momentum.
Related: Crypto Gains Under Trump: XRP Leads, 3 Altcoins Next in Line
XRP Price Chart: Indicators to Watch
The Relative Strength Index (RSI) sits at 67.42, suggesting strong buying pressure. Analysts predict that XRP could challenge its historic peak of $3.84, set over seven years ago, if the current momentum carries forward.
The MACD indicator remains bullish with the MACD line (blue) remaining above the signal line (red). Meanwhile, the MACD histogram remains green but shows a lack of buyers as the intensity of the histogram is declining.
Related: XRP Beats Bitcoin in Trading Volume as Market Eyes Trump Policies
To sustain its rally, XRP must maintain support above $3.00 and break through key resistance levels. If these thresholds hold, XRP can attract more buyers leading to a potential breakout.
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