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XRP (XRP) has gone up by 0.7% in a day when most cryptocurrencies are dropping. The token’s price currently sits at $2.17 but its trend indicates that it could soon retest the $2 level.
XRP has been favored by multiple tailwinds on the regulatory and legal fronts lately, as the Trump administration is considered pro-crypto and will push forward agendas that favor the development and growth of U.S.-based companies in this sector.
A change in leadership in the Securities and Exchange Commission (SEC), which now has a new crypto-supportive Chairman, Paul Atkins, has resulted in the agency dropping its appeals against Ripple in landmark cases that kept XRP at low levels in the past.
Moreover, the company has been making significant progress in expanding its ecosystem, starting with the launch of a native stablecoin called Ripple USD (RLUSD).
This stable asset has seen its market cap expand from $50 to $450 million in just 6 months as multiple big exchanges like Kraken and Bybit have listed the asset.
Moreover, Ripple recently announced that it now supports USDC transfers via the Ripple network. This opens up huge transaction volumes coming from the second-largest stablecoin in the world.
Users may prefer to use the Ripple blockchain due to its low cost and fast transaction execution speeds. In addition, this network is considered safer than many other decentralized alternatives as the company that oversees it is based in the United States and is subject to the country’s regulations.
All of these tailwinds favor a bullish outlook for XRP as the utility token of the Ripple network. However, the market has downplayed these factors amid the prevailing negative sentiment triggered by the ongoing armed conflict between Iran and Israel.
XRP Could Retest Its $2.1 Support Level Soon
Looking at the 4-hour chart, we can see that XRP has entered a phase of consolidation as its price has been fluctuating within a tight range, moving from around $2.1 to $2.3 on multiple occasions.
These consolidations are typically considered accumulations, meaning that market participants are amassing XRP tokens while they expect the next big move.
Buying at around $2.1 has been a safe bet thus far and this could be where the price is heading now as sellers are currently in control of the price action.
However, if the price breaks below this area, it would mean that the market is prepared to retest the key psychological threshold of $2 that has served as support in prior instances.
This would be the optimal entry for a long position, and if the price bounces again off that level, it could trigger a rally to the $2.3 area first and beyond if FOMO takes over the market.
The 9-period exponential moving average (EMA) has made a ‘death cross’ with the 21-period EMA in this lower time frame, and that favors a bearish outlook, meaning that a retest of the $2.1 area is highly likely.
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