Despite a turbulent start to the week, XRP managed to show resilience, reclaiming the $2.40 mark by January 11. This surge follows a period of turbulence, where market-wide volatility saw Bitcoin’s rebound spark modest gains across altcoins. However, XRP’s 7% recovery stands out.
This surge is largely attributed to Ripple CEO Brad Garlinghouse’s recent dinner with former President Donald Trump, which has sparked optimism within the crypto community.
XRP Price Rebounds 7% Following Ripple CEO’s Trump Dinner UpdateOn January 8, Ripple CEO Brad Garlinghouse confirmed his attendance at a high-profile dinner hosted by President-elect Donald Trump. This event, featuring top figures from the finance and tech sectors, had people speculating that political support for the crypto market could be on the horizon. Especially since Ripple continues to battle the U.S. Securities and Exchange Commission (SEC) in court.
The market responded positively, and XRP quickly surged by 7%, outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which posted more modest gains of 5%. This price movement highlights XRP’s sensitivity to regulatory and political news, particularly developments tied to Ripple’s legal battles and the broader regulatory climate.
Now, traders are closely monitoring the situation as we approach Trump’s inauguration on January 20. Any further political developments could propel XRP’s price higher. The dinner has been perceived as a potential signal of regulatory shifts that may favor Ripple and its XRP token.
XRP Exchange Reserves Surge as Market Sentiment Remains CautiousDespite the positive price movement, XRP’s market sentiment remains tempered. On-chain data reveals a cautious outlook as XRP’s exchange reserves have surged by $85 million. According to CryptoQuant’s Exchange Reserves chart, from January 5 to January 11, 35 million XRP coins were deposited into Binance-hosted wallets.
This influx suggests that traders are preparing for potential sell-offs, increasing the market supply and potentially limiting XRP’s sustained upward momentum.
This surge in exchange reserves could be a sign of traders’ adjustment to the market conditions amid ongoing regulatory uncertainties and market fluctuations. While the recent price rebound is promising, the growing supply in exchange reserves may dampen any significant long-term rally if selling pressure intensifies.
XRP Price Faces Key Resistance at $2.50Technically, XRP has shown a cautious bullish trend, with indicators suggesting potential for further upside. The Volume Delta has flipped positive, showing net inflows of 18.92 million XRP, signaling a resurgence in demand and possible continuation of the upward trend.
However, XRP faces critical resistance at $2.50, and failure to breach this level could trigger a pullback toward the $2.25 support zone. The Parabolic SAR indicator is also trending higher, suggesting the presence of bearish momentum. Especially since traders are observing potential short-term sell-offs as more XRP coins accumulate in exchange reserves.
XRP’s Future: Will Regulatory Developments Propel or Halt Price Growth?The fate of XRP’s price recovery will largely depend on whether the market can clear the $2.50 resistance. Broader market trends, along with regulatory developments following Trump’s inauguration, will likely play a significant role in determining XRP’s trajectory in the coming weeks. Especially since traders and investors are keeping a close watch on any updates that could influence the market sentiment, particularly surrounding the ongoing Ripple-SEC case and potential shifts in U.S. crypto policy.
