XRP price preps for 'powerful move' above $2.90 as sentiment metrics signal optimism
XRP (XRP) has followed the broader crypto market trend by selling off sharply, but the altcoin still holds the bulk of its 300% gains, which it accumulated in the last part of 2024. The altcoin managed to avoid a deeper correction between Jan. 7 and Jan. 9, as it continues to consolidate near its descending trendline, eyeing a potential breakout above the key resistance range between $2.50 and $2.60.
From a technical perspective, XRP has converged within trendlines over the past few weeks, with the price maintaining a position above the 200-day EMA level. With a potential breakout above the descending trendline, the altcoin will likely attempt to clear liquidity levels around $2.42 and $2.50, which may fuel a rally toward a new all-time high above $2.90.
The primary cause of this crash is certainly the possible burst of a mini-bubble.
However, it must be said that not many analysts claim that November and December were a true mini-bubble.
It is necessary to specify that mini-bubbles are not true speculative bubbles, both because they last very little and because they have no significant impact on the medium to long-term trend.
But thereâs more.
One of the key factors that characterized the trend of the markets yesterday, also highlighted by the poor performance of the USA stock exchanges, is the drainage of capital by the USA bonds. In other words, there was a flight of capital from risk-on assets to government bonds.
The thing had been somehow announced the day before by an increase in the MOVE index (U.S. Bond Market Option Volatility Estimate).
The other factor that has negatively impacted the crypto market, currently dominated by Bitcoin, is the Dollar Index, still decidedly very high, and even on the rise
Poilievre has promised to make Canada the âBlockchain capital of the worldâ if he becomes Prime Minister, while also rejecting a China-style crackdown on crypto, and ensuring a regulatory framework to encourage blockchain companies to operate across Canada.
Trudeau has openly ridiculed Poilievreâs support for cryptocurrencies, arguing that investing in such volatile assets is not responsible and could lead to the destruction of peopleâs savings. Poilievre, on the other hand, believes that cryptocurrencies offer an alternative to the current financial system and the ability to opt out of inflation. He has also stated that he would end the proposed Canadian Central Bank Digital Currency. Poilievreâs financial disclosures have shown that he has holdings in a Canadian-based Bitcoin exchange-traded fund.
Both Dogecoin and Bitcoin have also demonstrated similarities in terms of price action. The observed correlation over the last few months was mostly because DOGE has been mimicking BTCâs price movements.
Prices of the two assets did not necessarily move in tandem consistently but peaks and troughs were similar for the most part.
As we step into 2025, I want to take a moment to reflect on the incredible journey weâve shared as a vibrant and supportive community. Each one of you has played a vital role in making the Binance family what it is todayâa place where ideas blossom, friendships flourish, and dreams become reality.
This past year has been filled with milestones, learning experiences, and collaborative victories. Whether youâre a seasoned trader or just starting out, your dedication and enthusiasm have truly inspired us all. Together, weâve navigated the twists and turns of the crypto landscape, and itâs been nothing short of remarkable to witness our collective strength and resilience.
Looking ahead, letâs embrace the endless possibilities that 2025 holds for us. The world of cryptocurrency is continually evolving, and with it, new opportunities for growth and innovation. I encourage each of you to keep pushing the boundaries, exploring new strategies, and learning from one another. Remember, every trade is not just a transactionâit's a chance to grow, both as traders and as a community.
As we embark on this new year, letâs hold onto the spirit of collaboration and positivity that binds us together. The future of cryptocurrency is bright, full of promise and potential. Let's make 2025 a year of extraordinary achievements, support one another, and celebrate every success, big or small.
Wishing you all a year filled with new adventures, abundant success, and, most importantly, the joy of being part of this incredible Binance family. Here's to new beginnings and endless horizons in the world of crypto!
Cheers to a fantastic year ahead! đđ â Your Binance Community Spokesperson $DOGE $XRP $BTC
Crypto trading is a ocean in which fishes are lunch of Sharks and Whales.
Navigating the Cryptocurrency Ocean: A Guide for Small Traders to Stay Safe
â Trading is a ocean in which fishes are lunch of Sharks and Whales â Ghulam Mujtaba Mughal crypto whale is an individual or organisation that holds a massive amount of cryptocurrency. These investors hold so much digital currency that even small moves on their part can send waves through the market. Cryptocurrency trading can feel like navigating an unpredictable ocean, where the currents are strong and the waves can c