XRP reaches all-time highs extending its bullish streak

XRP is up 42% in the past week, after rising nearly 1% on Friday. The altcoin hit a new all-time high, with 24-hour trading volume for Ethereum (ETH) left in decline on Thursday. The token could extend its streak in the coming days after the inauguration of President-elect Donald Trump.

XRP could expand alongside Bitcoin

XRP It rose more than 40% in the past week. Bitcoin (Bitcoin), the largest cryptocurrency recovered from a flash crash below $90,000 and returned to above $104,000 on Friday. XRPLedger’s native token ranks alongside the top cryptocurrencies.

Trump’s upcoming inauguration is one of the main catalysts, along with optimism about cryptocurrency regulation, pro-crypto politics and the new approach taken by financial regulators in the US.

XRP could achieve more, as it will enter price discovery next week.

XRP is trading at $3.26 at press time.

On-chain indicators support the gains

On-chain XRP indicators support the bullish thesis for the altcoin. The Total Funding Rate measure is positive, above one throughout January 2025. The number of active addresses registered a significant rise on Thursday, January 16.

On-chain indicators at Santiment are leading to further gains in XRP next week.

The supply distribution metric on Santiment shows an increase in the supply of XRP token held by wallets holding 10,000 to 100,000, 1 million to 10 million, and 100 million and above. XRP Symbols. All three categories of coin holders have been accumulating altcoins, even as prices rise. This indicates a possible increase in XRP prices in the future.

Market movers and the Ripple lawsuit

Monday’s opening is the biggest driver for the cryptocurrency market. But the growing adoption of RippleNet among institutions, developments in the RLUSD stablecoin and the SEC’s lawsuit against Ripple are the three main market drivers affecting the altcoin’s price.

Even when the US financial regulator filed an appeal against Ripple on January 15, the altcoin continued to rise undeterred. July 2023 to rule By Judge Analisa Torres That classified secondary sales of XRP as non-securities faces a challenge The SEC is seeking to classify these retail sales as unregistered securities sales.

Ryan Lee, senior analyst at Bitget Research, told crypto.news in an exclusive interview:

“The rise in Cryptocurrency market.”

It remains to be seen whether the Trump administration will support pro-crypto regulation and whether it will impact the outcome of lawsuits filed against companies like Ripple Labs.

Technical analysis and XRP price forecast

XRP is hovering near its all-time high of $3.40. At the time of writing, XRP is trading at $3.2385. A 22% price rise could push XRP to price discovery, at the 141.4% Fibonacci retracement level of the rise from the low of $1.9054 to the peak of $3.4000.

Technical indicators, RSI and MACD support the bullish theory for XRP. The MACD indicator is flashing successive green histogram bars. Traders need to keep their eyes open when the Relative Strength Index (RSI) indicates that a token is currently overbought or overvalued, reading 83.

In the event of a correction, XRP could find support at the 50% Fibonacci retracement level at $2.6977.

James Toledano, COO of Unity Wallet, told crypto.news in an exclusive interview:

“Given that XRP has been stuck at around $0.50 for literally 3 years, the recent breakout momentum reflects new levels of investor optimism around regulatory clarity and the potential approval of an XRP ETF in the following months. If the XRP ETF is approved, it will have the potential “It will open the doors to capital flow, which means it could reach new heights in 2025.”

Toledano warns XRP holders to be cautious as altcoins take volatility to the next level in the current market cycle.

He said:

“Altcoin ETFs have real potential to attract capital, especially if they are backed by innovation-friendly policies with the incoming new US administration. But their success may be less consistent compared to Bitcoin ETFs given the seemingly episodic nature of interest in altcoins.

Just look at the fluctuations in the price of Bitcoin this week. The factors are multifaceted. We could say it’s Trump, seasonality, geopolitics, macroeconomics, and sentiment all mixed together. To play devil’s advocate, we humans are pattern seekers but sometimes there are ulterior motives and causes and effects are not always connected.