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As Bitcoin (BTC) price attempts to follow gold price action in a bullish outlook, Ripple Labs’ XRP has signaled early signs of imminent parabolic growth in the near future. The large-cap altcoin, with a fully diluted valuation of about $224 billion and a 24-hour average trading volume of around $4.7 billion, has rebounded over 10 percent in the past two days from a crucial support level.
After being trapped in a falling trend since the second inauguration of U.S. President Donald Trump
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
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XRP price retested and rebounded from a crucial support level of around $1.9 in the past few days.
XRP Price Chart Insights and Prediction
By now, it is safe to say that XRP price has already finalized the first rally of the 2024/2025 crypto bull rally and is in the process of kickstarting the next leg. From an Elliott wave principle, the XRP price has completed the first wave and is now on the edge of winding up the second wave, characterized by ABC correction.
From a technical analysis standpoint, XRP price, in the daily time frame, has been forming a mega-phone structure in the past few weeks. In the past few days, XRP price has successfully rebounded from the lower border of the mega-phone structure.
With the daily Relative Strength Index (RSI) forming a bullish divergence, XRP price is well positioned to rally towards $3 in the near future.
However, a consistent close below the established support level of around $1.9 will trigger a further selloff in the subsequent weeks.
Factors Fueling Bullish Outlook
As Coinpedia has explained in the past, Ripple Labs has made deliberate efforts to build the XRPL network and enhance the mainstream adoption of XRP via the web3 ecosystem. Already, Ripple Labs has launched a fiat-backed Stablecoin on the XRPL dubbed RLUSD to enhance liquidity for XRP-based DeFi protocols.
In a bid to ensure sustainable future growth, Ripple Labs has focused on working together with regulators around the world. As the SEC vs Ripple case approaches the end under the Trump administration, the payment blockchain announced that it has secured regulatory approval from the Dubai Financial Services Authority (DFSA).