Ripple’s native cryptocurrency XRP has shown major strength during the crypto market pullback, despite a 400% gain amid rising hopes of an XRP ETF launch. Ripple price is currently trading in a bull-flag pattern and eyeing a breakout to the $3.5 level.
Despite the current pullback, XRP is still trading 44% up on the monthly chart. Following Donald Trump’s victory on November 5, Ripple’s native crypto has continued to rally. Some analysts predicted XRP’s mega bull run to $10 and beyond on the end of Ripple vs SEC lawsuit.
Key Factors Influencing Ripple Price Rally Ahead
Ripple’s XRP Shows Strength on Technical Chart
Last week, following Bitcoin’s all-time high of $108K, the crypto market crashed leading to a strong drop in BTC as well as the rest of the altcoin market. Amid the broader market sell-off, Ripple price bounced back from the lows of $2 and is holding the crucial support of $2.18 as of press time.
On the technical chart, XRP is making a bull flag pattern and could rally to $3.5, gaining another 60% from the current levels. However, Ripple’s native crypto first needs to break above $2.42.
Source: Bark
Crypto analyst Ali Martinez has shared his outlook on XRP, suggesting that if Ripple price can maintain support above $2.20, it may consolidate before attempting another push toward the $2.70 resistance level. However, he cautioned that if the $2.20 support fails, a decline to $1.96 could be imminent.
Source: Ali Charts
Whale Activity Pushes Ripple Price Higher
Amid the crypto market crash during the last week, XRP whales saw an opportunity to add more coins amid Ripple price retrace. Following the first major correction on December 17 last week, XRP whales accumulated 80 million coins leading to a quick bounce back from the support levels of $2.0
Furthermore, a massive transfer of $222 million worth of XRP has sparked further speculation of a major surge ahead. As a result, some market analysts are also giving very high bullish targets of $13 in the next bull run.
RLUSD Stablecoin Launch to Benefit XRP
Ripple Labs CTO David Schwartz recently commented on the company’s new RLUSD stablecoin, which went live last week. Schwartz highlighted that Ripple USD provides valuable use cases for both users and developers. He emphasized that the stablecoin generates both direct and indirect benefits for the XRPL ecosystem, with one key advantage being its ability to drive positive trading volume, using XRP as a bridge asset.
XRP ETF Demand on the Rise
With President-elect Donald Trump set to take office next month in January, the market is optimistic that Ripple will soon settle the SEC lawsuit. Last week, there were strong sentiments on the filing of BlackRock spot XRP ETF. However, BlackRock’s head of ETF Jay Jacobs denied the rumors soon after.
Despite this, crypto market enthusiasts are optimistic about having an XRP ETF by the end of 2025. However, such a development could trigger institutional interest in the asset class thereby pushing Ripple price higher.
Some top asset managers like 21Shares and WisdomTree have filed with the U.S. Securities and Exchange Commission (SEC) to launch their spot XRP ETF in the market. Similarly, Bitwise 10 Crypto Index ETF filing also features XRP with Ripple’s native crypto having 1.56% weightage in it.
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