Ripple’s XRP surged to an all-time high yesterday following reports that President-elect Donald Trump is open to establishing an “America-first strategic reserve” of cryptocurrencies. The proposed reserve would reportedly include XRP, among other assets.
This speculation has fueled a surge in activity in XRP markets, with its spot trading volume soaring past $20 billion in the past 24 hours. With growing demand for the altcoin, its price might rally to a new high in the near term.
Ripple Sees Increased Trading Volume, Thanks to Donald Trump
According to a January 16 report from the New York Post, Trump is “receptive” to the idea of establishing an “America-first strategic reserve” of cryptocurrencies. This proposed reserve would include assets like XRP, Solana (SOL), and Circle’s USDC stablecoin.
On this news, XRP’s price climbed to an all-time high of $3.40 during Thursday’s trading session. With significant trading activity still underway, its trading volume has totaled $24 billion over the past 24 hours, its highest since April 2021.
XRP currently trades at $3.33, noting a 7% uptick in the past 24 hours. When an asset’s price and trading volume spike, it indicates heightened market activity driven by increased demand. This combination suggests strong interest in XRP and hints at a sustained price surge.
Adding to the bullish momentum, XRP’s open interest has also risen to an all-time high. This signals strong confidence from its derivatives traders, who are betting on further upside. As of this writing, this sits at $3.4 billion.
Open interest measures the total number of outstanding contracts (futures or options) that have not been settled or closed. When it surges during a rally, it suggests that new positions are being opened, indicating strong conviction from traders. It signals that the rally could continue as more market participants bet on further price movement.
XRP Price Prediction: Altcoin Could Reach New Heights Soon
XRP’s Aroon indicator, observed on a daily chart, confirms its current uptrend is strong. At press time, its Up Line is 92.86%, signaling a strong bullish bias toward the altcoin.
The Aroon indicator measures the strength of a trend. When its Up Line is close to 100%, it indicates a strong upward trend, with the price recently reaching a significant high. If this trend continues, XRP’s price will rally to a new high soon.
However, if profit-taking activity commences, this could drive XRP’s price down below $3 to $2.69.
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Disclaimer
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