It is a truth universally acknowledged, that a US President in possession of a good social media following must be in want of stirring the crypto markets. Mr. Donald Trump’s recent mention of Ripple and XRP on Truth Social has, indeed, set the tongues of investors wagging. They now ponder whether XRP’s impressive 2024 rally might extend to the lofty heights of $100.
XRP, currently trading at the modest sum of $2.56, has, alas, experienced a 3.65% decline. This unfortunate turn has resulted in the loss of $17 billion from its market capitalization in the last four days. One can only imagine the consternation of its holders!
XRP Price Impact: US President Donald Trump Endorses Ripple
Mr. Trump, in his characteristic style, mentioned Ripple in two consecutive posts on Truth Social, acknowledging the remarks made by Ripple’s CEO, Mr. Brad Garlinghouse, about the company’s increased presence in the US following the President’s election. These remarks, made in early January, spoke of the “Trump effect” on the crypto industry, which, according to Mr. Garlinghouse, has been a boon for innovation and job growth. 🤝
Mr. Garlinghouse further opined that the “Trump bull market” was more personal for Ripple, as an oppressive regulatory framework had previously stifled its US business. One can almost hear the sighs of relief from Ripple’s headquarters. 🙏
Ripple has been the subject of much discussion since Mr. Trump’s election. In early January, Mr. Garlinghouse revealed that he had dined with the President at his Mar-a-Lago resort, a testament to XRP’s growing influence in Washington. Ripple’s CTO, Mr. David Schwartz, has also noted that XRP is on the “cusp of mass institutional adoption.”
Speculation abounds regarding XRP’s inclusion in Mr. Trump’s plans for a national crypto reserve. On Polymarket, the odds of this reserve’s launch stand at a mere 15%. A rather slim chance, one might say. 🤷♂️
Given Mr. Trump’s recent endorsement and Ripple’s growing prominence in Washington, it is not unreasonable to speculate that XRP might rally toward the $100 mark. The recent acknowledgment of Bitwise’s filing for a spot XRP ETF by the US Securities and Exchange Commission (SEC) adds further fuel to this fire. While the $100 target may not be achieved in 2025, it is not beyond the realm of possibility given sufficient time. ⏳
Can XRP Price Realistically Hit $100 With Trump’s Support?
As previously noted by CoinGape, XRP reaching $100 is not an entirely fanciful notion. If the 2017 bull run fractal repeats, XRP could be on the cusp of an exponential bull run. The 2017 bull rally saw Ripple breach the initial range and extend beyond the 161.8% Fibonacci Extension level to form a local top between the 227.2% and 241.4% Fibonacci extension levels. 📈
Considering that XRP is attempting to break the range high of $2.90, investors are optimistic about a similar outcome. If the 2017 history repeats itself, Ripple could form a top between $178 and $282, coinciding with the 227.2% and 241.4% Fibonacci extension levels. A rather ambitious target, one might say, but not entirely out of reach. 🌈
With such an exaggerated target, $100 seems not only plausible but almost inevitable, especially under the twin conditions of an endorsement from US President Donald Trump and the potential launch of a national XRP reserve. 🌟
Key Short-term XRP Levels to Watch
XRP is currently defending key support at the 61.8% Fibonacci level of $2.39 on the one-day chart. Sellers are active, pushing the XRP value down as indicated by the four consecutive red candlesticks and volume histogram bars. The Relative Strength Index (RSI) remains in bearish territory, having dropped to 45. A further drop of the RSI line below the signal line would confirm strengthening bearish trends, potentially pushing the altcoin toward the $2.11-$2.39 support zone. 📉
On the other hand, the Money Flow Index (MFI) shows a potential bullish divergence after rising to 63. For now, traders should watch for an RSI breakout above 50 and an increase in buying volumes to confirm a return of bullish momentum. 📊
If buyers resume their efforts, XRP faces immediate resistance at the 38.2% Fibonacci level at $2.77. A decisive breakout could push the price toward the recent high of $3.40. While the short-term price outlook is slightly bearish, the long-term forecast for XRP remains positive, thanks to Mr. Trump’s continued endorsement and a friendly US regulatory framework. 🌱
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2025-02-19 12:15