XRP prices remain stable today, while the global cryptocurrency market is experiencing positive trends. An expert predicts that Ripple’s native cryptocurrency will receive significant support levels and has set a long-term target of $10. However, there is a warning that the cryptocurrency may decline to $1.50 before any breakout occurs.
There are several factors that could boost XRP prices. Investor attention has been captured due to an impending deadline for the U.S. Securities and Exchange Commission’s opening statement regarding Ripple’s case. Speculation has increased after Ripple’s CLO Stuart Alderoty and CEO Brad Garlinghouse recently had dinner with Donald Trump, which may influence market sentiment.
Furthermore, rumors of a potential XRP ETF approval have been circulating among investors. The optimism surrounding pro-crypto regulatory developments in the U.S. has increased with Trump’s inauguration set for January 20. The recent dinner meeting has sparked discussions about a favorable environment for Ripple and its cryptocurrency.
Market expert Ali Martinez indicates that XRP faces a significant risk of decline. He suggests that if the cryptocurrency breaks down from its triangular formation, it could sharply drop to $1.50. Despite this, Martinez maintains a long-term bullish outlook for XRP.
“XRP presents two potential entry points,” said Martinez, supporting his long-term bullish expectations. Martinez continues to uphold the $10 target for XRP, bolstering confidence in the asset and establishing market trust.
Currently, XRP is trading at $2.31, reflecting a 0.55% decrease, while trading volume surged by 30% to reach $5.4 billion. The cryptocurrency reached a 24-hour high of $2.33 and a low of $2.24. On the other hand, open positions in futures have decreased by 0.4% to $4.25 billion.
Ripple Labs recently moved 300 million XRP, leading to speculation in the markets. However, most view the transaction as an internal transfer of tokens. Consequently, while XRP may experience short-term declines, it appears to have long-term growth potential.
The expert’s $10 target continues to support market sentiment, suggesting that the cryptocurrency is on a recovery trend in the long run. Staying updated on developments related to Ripple and XRP is crucial for investors, as legal processes and regulatory changes could significantly impact the cryptocurrency’s future.
