Recent remarks by former President Donald Trump about Ripple and its cryptocurrency XRP have stirred considerable excitement in the altcoin community. This situation prompts speculation on whether XRP can sustain its upward momentum into 2024 and potentially reach the ambitious price target of $100. Presently, XRP is trading at $2.56, having experienced a 3.65% decline in the past day, along with a significant $1.7 billion drop in market capitalization over the last four days.
How is Trump’s Support Affecting XRP?
Trump highlighted comments from Ripple CEO Brad Garlinghouse across two posts on Truth Social, pointing out Ripple’s expanded U.S. operations and increased employment opportunities since his election. Garlinghouse’s meeting with Trump at Mar-a-Lago in January further emphasizes Ripple’s growing influence in Washington.
Can XRP Truly Reach $100?
In the bullish market of 2017, XRP’s price surged significantly, guided by Fibonacci extension levels. If a similar trajectory unfolds, forecasts suggest XRP may peak between $178 and $282, making a $100 target plausible this cycle. Currently, XRP is attempting to maintain the Fibonacci support at $2.39; however, a Relative Strength Index (RSI) reading of 45 indicates persistent selling pressure, with a risk of falling to $2.11.
On the other hand, an uptick in the Money Flow Index (MFI) to 63 suggests burgeoning buyer interest. Should XRP break through the Fibonacci resistance at $2.77, it could aspire to hit a new high of $3.40.
- Trump’s support could lead to favorable legislation for XRP.
- Institutional adoption is crucial for reaching the $100 milestone.
- The cryptocurrency market remains volatile, as indicated by recent price fluctuations.
The combination of political support and strategic market movements may pave the way for XRP’s success. However, significant institutional engagement and regulatory advancements will be essential for XRP to achieve its ambitious price target.
