Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets

Source Newsbtc

XRP, the third-largest cryptocurrency by market capitalization, has recently outperformed the top ten cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This significant momentum comes as investor sentiment grows in anticipation of clearer regulatory frameworks in the United States, especially following Donald Trump’s election.

In addition, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his departure effective January 20, which many believe could pave the way for increased adoption and institutional investment in XRP.

This could be achieved through the XRP exchange-traded fund (ETF) market, which is being pursued by asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares.

With the change in leadership at the agency, the odds of approval continue to rise, especially as the pro-crypto nominee to replace Gensler, Paul Atkins, is shaping up to lead the new era of regulation in the country.

Key Fibonacci Resistance Ahead For XRP

Over the past thirty days, XRP has experienced a remarkable surge of 400%, culminating in a six-year high of $2.91 reached over the past weekend.

This surge has been further supported by a substantial increase in market capitalization, which has risen by $120 billion in the last three weeks, bringing XRP’s total market cap to approximately $140 billion.

Despite these encouraging trends, crypto analyst DarkDefender has emphasized the importance of monitoring specific price levels in the coming days. In a recent social media post on X (formerly Twitter), he detailed critical Fibonacci levels for XRP.

The analyst identified $2.92 as a significant Fibonacci resistance level, noting that XRP briefly reached $2.90 before experiencing a “normal corrective phase.”

DarkDefender highlighted the necessity of holding certain support levels, particularly $2.13 and $1.88, if XRP cannot break through the $2.92 resistance.

The analyst expects that the token could bounce between these levels for a “few days,” but if the token breaks above $2.92, it could target a new mid-range level of $3.99. This would mean a new all-time high for the token above its current record mark of $3.40, in the scenario that the token rises 59% as expected by DarkDefender.

Trading Volume Surges Past Bitcoin And Ethereum

Adding to the positive outlook, financial analyst Jacob King pointed out a historic milestone for XRP: during the current uptrend, XRP’s trading volume has surpassed the combined volumes of Bitcoin and Ethereum for the first time.

Over the past 24 hours, XRP’s trading volume reached an impressive $2.19 billion, significantly higher than Bitcoin’s $1.6 billion and Ethereum’s $531 million, underscoring the heightened interest from investors in the XRP token.

At the time of writing, the market’s third largest token trades at $2.50, recording a 7% correction in the 24 hour time frame.

Featured image from DALL-E, chart from TradingView.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

Yesterday 01: 16

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Yesterday 06: 34

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Popular Symbols