CandleFocus

XRP on Verge of Breaching Key Resistance Level

Author: Content Editor
XRP has seen a significant increase in value as the cryptocurrency market overall experiences a bullish run. The positive market sentiment has allowed XRP to break through several resistance levels, including $1.20, $1.30, and $1.40. The coin is now on the verge of reaching a major milestone of surpassing $1.50. This week, investors have expected XRP to reach this level despite regulatory challenges. In the past seven days, XRP reached a high of $1.62 before experiencing a price correction. The news of SEC Chair Gary Gensler's departure also influenced the token's price. XRP dipped to $1.29 but rebounded after a partnership announcement between Archax and Ripple Labs. The collaboration involves launching a tokenized money market fund on the XRP Ledger. Market sentiment is positive, with open interest in XRP reaching new highs of $2.6 billion. There are expectations that if XRP can break $1.50 and maintain its momentum, it may test higher levels, such as $2. Several companies, including WisdomTree, have filed for an XRP exchange-traded fund (ETF). Investors are hopeful for a shift away from regulatory attacks on Ripple Labs after January 20.

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