Ripple's price has risen for the third consecutive day as the cryptocurrency market recovers post-holiday. This article examines factors influencing XRP's rise and its potential outlook.
Ripple Price Rise and Market Factors
Ripple's price increased, reaching $2.40, its highest since December 18, due to various factors, including the anticipated resignation of Gary Gensler and Paul Atkins' appointment as the new SEC head, hinting at potential policy shifts favoring cryptocurrency.
Potential Impact of Events on XRP
The likelihood of an XRP Exchange Traded Fund (ETF) approval is growing, potentially drawing more investments. According to Polymarket, the probability has risen to 70%. Additionally, Ripple's ecosystem is expanding as Ripple USD is listed on more exchanges, and the XRP Ledger gains traction in financial sectors.
Technical Analysis and Forecasts for XRP
Technical analysis shows a bullish pennant pattern forming, which often leads to an upward breakout. XRP's price might reach $2.90 and potentially $3. A drop below the 50-day moving average at $1.90 would weaken the bullish trend.
Ripple is experiencing steady growth driven by favorable market conditions and improved crypto community sentiment, suggesting a strengthening position for XRP in the market.
