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XRP Price Sees Buy Signal as Trump Considers Crypto Reserve Strategy

Highlights:

  • Recently, XRP rallied past $3 for the first time since 2018 and is now consolidating around $3.20 after facing resistance.
  • Amidst the fading bullish momentum and mounting bearish pressure, the TD Sequential indicator signals an XRP rebound.
  • Trump’s strategy for his ‘America first’ crypto reserve may include XRP as part of the U.S. centric digital assets.

The crypto market has shifted the dynamics to bearish sentiment as the bulls lose momentum. The setback has seen the global market cap decline by 0.92% to $3.61 trillion while the 24-hour trading volume surged by 22%, indicating an increased market activity. Furthermore, the fear and greed index has remained at 66, indicating a greed sentiment.

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XRP Price Action

XRP investors have enjoyed significant gains lately following the token’s impressive rally. On Friday, ahead of Trump’s inauguration on Jan. 20, XRP broke the $3 mark for the first time since 2018. 

As of press time, XRP is exchanging hands at $3.17, down by 1.40% in the last 24 hours. XRP kicked off today’s session on a bullish note, surging from a low point of $3.07 to $3.31, where it faced a stiff rejection. Since then, XRP has been consolidating around $3.20.

Source: CoinMarketCap

Despite the bearish winds, XRP is up by 27% and 40% on the weekly and monthly charts, respectively. In addition, altcoin has risen by 470% in the past year. Its market cap and trading volume have declined to $182 billion and $12.32 billion, respectively. 

Buy Signal Emerges for XRP Price

Crypto analyst Ali Martinez predicts a rebound in the XRP price. Often predicting trend reversals, the TD Sequential indicator signals a buying opportunity. The 4-hour chart reveals that bullish momentum is emerging.

This signal means that investors should expect a price recovery and may see a rise in XRP’s value after the recent drop. This could create a rebound of interest for the market, making it one of the best altcoins to invest in. 

Trump May Be Considering Solana and XRP to U.S. Crypto Reserve

According to the New York Post, President-elect Donald Trump is exploring an ‘America first’ cryptocurrency reserve strategy. The plan is limited to United States-based digital assets such as Solana (SOL), USD Coin (USDC) and Ripple’s XRP.

The report noted that at least once, Trump made contact with the creators of these assets to see if they may be included. Government funds would be used to purchase these assets in the proposed reserve, in a digital equivalent of the U.S. gold reserve. In order to also increase economic independence and leadership within the digital asset space, Trump’s goal is to prioritize American cryptocurrencies.

XRP/USD Technical Analysis: Will XRP Price Rally Continue as the Bulls Lose Momentum?

Technical indicators on the daily chart show a bullish momentum fading away following the development of a red candlestick. XRP had formed an ascending pattern, which saw the price rally from $2.50 to the $3.40 region, where it faced a stiff rejection.

As the bears hold the upper hand, XRP could seek immediate support at the $3.00 region. Moreover, a break below this point could lead to a touch at the $2.75 and $2.50 mark. XRP’s key support is positioned at 2.50. 

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) indicator supports the fading bullish momentum in XRP’s price movement. The green bars in the histogram have started declining, suggesting weak positive momentum. Moreover, despite the MACD line hovering above the signal line, it has changed its upward direction, indicating that the bears are in play. 

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