XRP's price surged after a major announcement by former US President Donald Trump. This altcoin saw a 30% price increase over the past few hours, buoyed by Trump's declaration that XRP would be included in the "US Crypto Reserve".
This has triggered significant interest and buying activity, pushing the token's price to new highs.
XRP Investors Suddenly Optimistic
The Price DAA Divergence (PDA) is currently signaling buy signals for XRP, as both price and investor participation have increased. The rise in active addresses indicates more people are entering the market, which is boosting interest in the token. This is a positive sign for XRP's price. Increased participation reflects investor confidence and further fuels the price rise.
This surge in participation coincides with a spike in market activity, which could be a precursor to long-term price appreciation. The inclusion of XRP in Trump's proposed reserve has certainly helped to build investor confidence and legitimacy.
The Chaikin Money Flow (CMF) indicator is also confirming the positive market sentiment around XRP. The CMF has shown a sharp increase, suggesting that investors are buying XRP. This surge is likely due to the influx of capital into altcoins following Trump's announcement. If the CMF continues to rise, it could strengthen the bullish trend and indicate further price appreciation for XRP.
The rise in CMF indicates increased demand for XRP, and the uptick in buying activity increases the likelihood of further price gains. The sustained support from investors, driven by the announcement and improved market sentiment, suggests that XRP is in a good position for additional growth.
XRP Surges
At the time of writing, XRP is trading at $2.79, up 30% in the last 24 hours. These bullish factors are pushing XRP close to the $2.95 resistance level. If this level is breached, XRP could rise to $3.00, setting the stage for further gains.
If the price continues to break above this resistance, XRP could test its all-time high (ATH) of $3.40. Surpassing this level would set a new ATH, signaling further upside for the altcoin. Such developments could attract even more investor interest and enable XRP to reach new records.
However, after the recent surge, investors may start to take profits, which could make it difficult for XRP to break above the $2.95 resistance. In this case, the altcoin could fall back below $2.70, temporarily pausing the bullish momentum. This would represent a short-term correction before further price movements occur.
