The latest news surrounding Ripple (XRP) has caused the price to by nearly 10% in the last 24 hours, and sits at $3.18 at the time of writing.
Highlights
- XRP is up by close to 10% over the last 24 hours
- Ripple advances regulatory push with new licenses in both New York and Texas
- The XRP/USD price signals a bullish momentum and hints at a target above $4.5
The rebound is significant as it comes a day after XRP tanked from $3.10 to below $2.80 within a few hours on Monday, Jan. 27.
The weakness was in line with the market-wide crash that was triggered after a Chinese startup DeepSeek launched a new AI model that it claimed was as powerful as ChatGPT but required significantly less resources to operate.
XRP headed into Jan. 28 with a bullish momentum and is leading the crypto market rebound. The recovery is potential attributed to several factors, including the prospect of a crypto-friendly environment under the Trump administration.
Additionally, XRP has formed a bullish flag that indicates potential for about a 50% upside ahead.
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XRP rallies despite expectations of no rate cut in January
The Federal Open Market Committee (FOMC) is scheduled to announce its decision on interest rates on January 29th. Expectations are for the central bank to stay put and leave its key rate unchanged this week.
Note that rate cuts tend to have a significant impact on crypto prices as they typically encourage investors to embrace riskier assets like cryptocurrencies.
XRP is rallying today despite expectations of no rate cuts in January partly because investors are convinced that the FOMC will lower interest rates further in March and at least one time after that by the end of 2025.
The bullish sentiment is also informed by recent remarks of the President Donald Trump that he would soon demand that interest rates be lowered.
XRP eyes $4.50 valuation after forming bullish flag
XRP has been in a sustained uptrend ever since Donald Trump came out victorious in the US elections 2024.
From a technical perspective, the native cryptocurrency looks poised for further gains after forming a bullish flag that typically hints at continued momentum ahead.
XRP Price action on TradingView
The flag started forming around Jan. 8, when XRP kicked off a rally at the price $2.20. The rally continued until Jan. 16, when XRP hit the current all-time high of $3.40.
At the time of writing, XRP bulls are struggling to break above the resistance level of $3.20, which is also the flag’s resistance line. Should it break this resistance, XRP will most likely break into another rally.
Based on the January bullish rally, XRP’s price target for February is approximately $4.5. This would represent close to 50% value gain from the current price.
