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XRP has surged dramatically following President Trump’s announcement regarding the establishment of a U.S. crypto reserve, solidifying its position in the market.
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The price of XRP experienced a meteoric rise from $2.00 to over $2.93, a 29% increase, highlighting robust market enthusiasm and renewed investor interest.
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“The market reacted swiftly to Trump’s executive order, with XRP’s performance indicating a significant shift in sentiment,” noted a COINOTAG analyst.
After President Trump’s executive order integrating XRP into a U.S. crypto reserve, its price skyrocketed, reflecting strong market optimism and investor interest.
XRP’s price reaction to Trump’s Crypto Reserve plan
In the wake of the announcement, XRP experienced a dramatic price surge, reaching $2.93 within hours of the news. This jump represented a significant *29% increase*, demonstrating the asset’s volatility in response to broader economic policies. The price action was underpinned by a sharp increase in trading volume, indicating heightened market activity and investor confidence.
Source: TradingView
Currently, XRP is trading at approximately $2.81, reflecting a healthy pullback of 4.27% from its recent peak. Nevertheless, it remains significantly above previous resistance points, suggesting the potential for further price appreciation if bullish momentum persists.
Where can XRP go next?
Examining Fibonacci retracement levels reveals crucial insights into XRP’s possible future price movements. The asset has successfully navigated past significant resistance at $2.50, which may now function as a support level. If the bullish trend holds, traders are eyeing the psychological barrier of $3.00; closing above this could spark additional buying pressure.
Source: TradingView
Critical resistance marks are outlined at the 1.618 Fibonacci extension level around $3.38. If the upward momentum continues, the next significant resistance could arise at $3.83, a level where profit-taking may sharpen.
A retracement scenario could see support re-established in the $2.50–$2.60 range, while deeper corrections could push XRP towards $2.15, another area for potential buying opportunities.
Trading volume, whale activity: Bullish or cautious?
The trading volume metrics reflect a historic spike in XRP transactions following Trump’s announcement, exceeding 19.1 billion XRP. This surge underscores a robust market reaction and growing investor interest.
Source: Santiment
Additionally, the actions of large-scale traders reinforce market dynamics significantly. A notable whale recently closed a short position and allocated $8 million in margin to prevent liquidation, signaling an unexpected reversal for bearish positions.
Is XRP set for more gains?
The substantial rally of XRP after the U.S. government’s announcement has rekindled considerable interest in the cryptocurrency. Increased trading volume, coupled with the strategic repositioning of whale investors, bodes well for XRP’s unwavering bullish trend, especially if it surpasses critical resistance points.
Traders are advised to monitor the $3.00 marker for additional signs of potential breakout scenarios. A slowing momentum may lead to a retracement towards $2.50, where strong support is currently present. The crypto market’s volatility is likely to continue as XRP takes center stage in U.S. government discussions.
