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The rise of Bitcoin (BTC) price above $100k in the recent past has significantly influenced the altcoin industry-led Ripple Labs-backed XRP. With the total altcoin market cap having confirmed a rising trend, large-cap altcoins have already registered palpable gains in the past five weeks.
Amid the ongoing crypto cash rotation, it is easy for investors to be trapped in bullish sentiment in overbought assets. Consequently, understanding the detailed operations of a bull market, especially in heated leveraged and futures markets, is crucial in maximizing profits.
XRP Price Expectations in the Near Term
After rallying more than 400 percent in the past five weeks, XRP price has faced a significant resistance level below its all-time high (ATH) in the past two weeks. With the XRP’s weekly Relative Strength Index (RSI) hovering above 84 percent, crypto experts believe that the altcoin is well positioned for short-term correction.
According to Mathew Dixon, CEO at Evai Crypto Ratings, XRP’s pullback is much more likely as Trump’s re-election news graduation cools down.
From a technical analysis standpoint, crypto analyst Michaël van de Poppe, XRP price is likely to find a solid support range between $1.81 and $1.57 in case of further correction in the coming weeks.
Fundamental Outlook
The notable rise of XRP in the past two months is heavily bolstered by robust fundamentals in addition to the re-election of Donald Trump as the U.S. 47th President. Furthermore, Trump recently appointed cryptocurrency advocate Paul Atkins as the chair of the Securities and Exchange Commission (SEC).
With the ongoing Ripple vs SEC lawsuit, the XRP community anticipates the charges to be dropped in the near term as the blockchain payment firm pays off the set civil fine of about $125 million.
The rise of XRP has been backed by rising demand from institutional investors. As Coinpedia previously noted, several firms – led by WisdomTree, Bitwise, Canary Capital, and 21Shares – have already filed for spot XRP ETFs with the US SEC.
As Ripple prepares to launch the fiat-backed stablecoin dubbed RLUSD, the overall web3 developments on the XRPL network have catalyzed the mainstream adoption of XRP.
