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Alejandro Arrieche
Author
Alejandro Arrieche
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Just a few days ahead of Donald Trump’s inaugural speech, the native token of the Ripple network XRP seems poised to begin a new rally toward the $4 – $5 level as both on-chain data and technical indicators are pointing to a major upcoming breakout.
Donald Trump’s victory in the November U.S. presidential election and the positive outcome of Ripple’s case against the Securities and Exchange Commission (SEC) catalyzed the first part of XRP’s current bullish cycled and propelled its price to an all-time high of $2.90 per token.
However, the best is yet to come for the token as Trump’s plans for the crypto industry include drafting adequate regulation for the sector to boost the credibility and adoption of digital assets along.
In addition, industry observers agree that Solana ($SOL) and Ripple ($XRP) would be the next in line to get a spot exchange-traded fund (ETF) approved for their tokens once the new Chairman of the financial watchdog takes the reins.
The latest rally that XRP experienced pushed it to become the third most valuable digital asset in the crypto space with a market capitalization of $139.02 billion. So far this year, the token has delivered gains of 16.3%.
Considering that both Bitcoin and Ethereum spot ETFs have brought in capital inflows of over $120 billion, the approval of such a vehicle for XRP will likely push its price above $3 in the near term.
XRP Triple Bottom Could Propel its Price to $3 Per Token Shortly
The price of XRP has been stalling and consolidating since early December as market participants took a breather to take some profits off the table after such tremendous gains.
During this period, the price of XRP has bottomed three times at or near the $1.95 level. As a result, a bullish pattern called “triple bottom” has formed that could push the price to the $4 area shortly if confirmed.
Triple bottoms indicate that there is a lot of pent-up demand at certain price point.
Once market participants notice, the price starts to move higher as buyers open long positions with the expectation that FOMO will pressure late buyers to enter the trade.
Data from Coinglass shows that open interest for XRP futures has been steadily increasing since the beginning of the year and that could explain why the token is up 16% thus far.
For this triple bottom to be fully confirmed the price would have to surge above $2.5 first and then break the $3 area.
If that happens, chances are that we will see XRP moving to the $4 and even $5 in mid to late January.
This Vote-to-Earn (V2E) Meme Coin Has Raised $9M During its Presale in Just a Few Days
The Flockerz ($FLOCK) presale is getting significant attention from investors as reflected by its successful capital raise. To date, early backers have dropped over $9 million into this project by purchasing its native token $FLOCK.
Flockerz intends to disrupt the meme coin space by introducing a new paradigm called vote-to-earn (V2E) where token holders are compensated for engaging and voting in the project’s major proposals.
This incentivizes community building, deeper levels of engagement, and a higher sense of belonging – all of which are necessary to the long-term success of meme coins.
To buy $FLOCK, just head to the Flockerz website and connect your wallet. You can swap ETH or USDT for this new token or complete the purchase by using a bank card.
The presale event will be open for the next 15 days. At its current price of $0.0066351, Flockerz may generate handsome returns once its listed on exchanges.
If you don’t own any crypto, you can download the Best Wallet app to store your $FLOCK safely once the claim period is announced.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
