While XRP prices remain stable today, the global cryptocurrency market is trending positively. A specialist predicts significant support levels for Ripple’s native cryptocurrency, setting a long-term target of $10. However, alongside this optimistic outlook, there is a warning that the cryptocurrency might decline to the $1.50 level before any breakout occurs.
Factors That Could Boost XRP Prices
XRP has captured investor attention due to an impending deadline for the U.S. SEC’s opening statement regarding the Ripple case. Speculation has intensified after Ripple’s CLO Stuart Alderoty and CEO Brad Garlinghouse recently dined with Donald Trump, which may influence market sentiment.
Additionally, rumors of a potential XRP ETF approval have been circulating among investors. With Trump’s inauguration set for January 20, optimism surrounding pro-crypto regulatory developments in the U.S. has increased. The recent dinner meeting has sparked discussions about a favorable environment for Ripple and its cryptocurrency.
XRP Price Could Drop to $1.50
Market expert Ali Martinez indicates that XRP faces a significant risk of decline. He suggests that if the cryptocurrency breaks down from its triangular formation, it could sharply drop to $1.50. Despite this, Martinez maintains a long-term bullish outlook for XRP.
“XRP presents two potential entry points,” said Martinez, supporting his long-term bullish expectations. Martinez continues to uphold the $10 target for XRP, bolstering confidence in the asset and establishing market trust.
Currently, XRP is trading at $2.31, reflecting a 0.55% decrease, while trading volume surged by 30% to reach $5.4 billion. The cryptocurrency touched a 24-hour high of $2.33 and a low of $2.24. Conversely, open positions in futures have decreased by 0.4% to $4.25 billion.
Ripple Labs recently moved 300 million XRP, leading to speculation in the markets. Despite this, most view the transaction as an internal transfer of tokens. Consequently, while XRP may experience short-term declines, it appears to have long-term growth potential.
The expert’s $10 target continues to support market sentiment, suggesting that the cryptocurrency is on a recovery trend in the long run. Staying updated on developments related to Ripple and XRP is crucial for investors, as legal processes and regulatory changes could significantly impact the cryptocurrency’s future.