XRP eyes $1.10 as key level for potential rally
The cryptocurrency market experienced a significant surge following Donald Trump’s win in the U.S. presidential election.
Trump’s victory spurred optimism among crypto supporters, contributing to Bitcoin (CRYPTO:BTC) hitting a new peak of over $75,000 before settling at around $74,200, based on CoinGecko’s data.
Other assets such as Dogecoin (CRYPTO:DOGE), Solana (CRYPTO:SOL), and Avalanche (CRYPTO:AVAX) saw notable double-digit gains.
Ripple’s XRP (CRYPTO:XRP), however, posted more modest growth, trading at approximately $0.53, representing a 2.5% increase over the past week.
Analysts remain hopeful for the asset's future performance despite its slower rise compared to other cryptocurrencies.
According to EGRAG CRYPTO, an X user, XRP’s value has followed a “just do it” pattern over the years, resembling the Nike logo.
They suggest that “a solid weekly close above $1.10 and confirm it as strong support” could signal a phase where XRP may no longer drop below $1.
Other analysts, including Dark Defender and Crypto Rand, have shared their outlook on XRP’s performance.
Dark Defender pointed out that XRP could see a strong uptrend if it surpasses key resistance levels at $0.5286, $0.6044, and $0.6649.
Crypto Rand described the current state of XRP as “do or die momentum,” identifying $0.50 as a critical support level.
Ripple’s CEO Brad Garlinghouse also expressed support for Trump’s election win, emphasising the need for changes in the U.S. regulatory landscape.
He advocated for the removal of SEC Chairman Gary Gensler, in line with Trump’s previous promise to dismiss him on his first day in office.
The SEC has been in prolonged legal battles with Ripple, contributing to uncertainty in the market.
Garlinghouse also urged for regulatory clarity around Ethereum (CRYPTO:ETH), suggesting it be classified as a non-security like BTC and XRP.
At the time of reporting, the XRP price was $0.545.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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