XRP Surges 400% to Six-Year High of $2.91 Amid Increased Trading Volume
XRP, the third-largest cryptocurrency by market capitalization, has recently outperformed top cryptocurrencies, including Bitcoin and Ethereum. This momentum is driven by increasing investor sentiment as clearer regulatory frameworks in the United States are anticipated, particularly following Donald Trump’s election.
Securities and Exchange Commission (SEC) Chairman Gary Gensler announced his departure effective January 20, which many believe could facilitate greater adoption and institutional investment in XRP.
This potential growth may be supported by the XRP exchange-traded fund (ETF) market, pursued by asset managers like Canary Capital, Bitwise, WisdomThree, and 21Shares.
The change in leadership at the SEC may improve approval odds for these ETFs, especially with pro-crypto nominee Paul Atkins set to lead a new era of regulation.
Key Fibonacci Resistance Ahead For XRP
XRP has surged 400% over the past thirty days, reaching a six-year high of $2.91. Market capitalization increased by $120 billion in three weeks, totaling approximately $140 billion.
Crypto analyst DarkDefender noted critical price levels to watch. He identified $2.92 as a significant Fibonacci resistance, mentioning that XRP briefly reached $2.90 before entering a corrective phase.
DarkDefender emphasized the importance of holding support levels at $2.13 and $1.88 if XRP fails to breach $2.92. He anticipates that the token may fluctuate between these levels for several days. If it surpasses $2.92, it could target a mid-range level of $3.99, potentially setting a new all-time high above $3.40, a 59% increase as expected by DarkDefender.
Trading Volume Surges Past Bitcoin And Ethereum
Financial analyst Jacob King highlighted a historic milestone: XRP’s trading volume during this uptrend has exceeded the combined volumes of Bitcoin and Ethereum for the first time.
In the past 24 hours, XRP’s trading volume reached $2.19 billion, significantly higher than Bitcoin's $1.6 billion and Ethereum's $531 million, indicating heightened investor interest in XRP.
Currently, XRP trades at $2.50, reflecting a 7% correction over the last 24 hours.
Featured image from DALL-E, chart from TradingView.com