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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.

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