In January, XRP consistently showed steady growth, increasing its value by over 50%. This significantly outperformed other cryptocurrencies like Bitcoin and Ethereum.
XRP Price Surge
In January, XRP increased by over 50%, significantly outperforming Bitcoin with its 12% rise and Ethereum's 6% decline. This was largely driven by the active use of Ripple USD, which surpassed stablecoins, such as PayPal USD and Ethena USDe, in trading volume.
Regulatory Changes and Licenses
The XRP surge was supported by regulatory changes after Gary Gensler’s resignation. The new SEC, led by Mark Uyeda and Paul Atkins, is likely to be more favorable to the crypto industry. These regulatory shifts might positively impact Ripple's ongoing legal proceedings. Additionally, acquiring a money transmitter license in New York expands Ripple's ability to work with large firms and offer new services.
XRP Price Technical Analysis
Technical analysis shows XRP could experience a strong bullish breakout in February. The charts display forming bullish patterns, including flags and symmetrical triangles, suggesting a likely rise to the $5 level, which would be about a 65% increase from the current level.
Support at the $2.90 level and the formation of new bullish patterns could drive further positive movement for XRP in the market. The anticipated regulatory improvements and enhanced business opportunities for Ripple also contribute to the company's long-term growth and XRP's value.
