XRP has surged 70% this week, trading at $1.07 after a significant breakout from a multi-year symmetrical triangle pattern on the daily chart.

Ripple CEO Brad Garlinghouse attributes the rally to optimism surrounding pro-crypto policies under President-elect Donald Trump and a potential easing of regulatory pressures from the U.S. Securities and Exchange Commission (SEC).

In a recent FOX interview, Garlinghouse referred to Trump as a “crypto president,” emphasizing his openness to blockchain innovation. “The U.S.-linked assets, such as XRP, SOL, and ADA, are thriving due to reduced SEC constraints,” Garlinghouse stated, further hinting at a more favorable regulatory environment ahead.

https://twitter.com/BintikEth/status/1857724274678599879

Key Price Levels to Monitor

XRP’s rally is supported by strong technical indicators and increased market participation. Here are the critical levels to watch:

• Pivot Point: $1.02
• Immediate Resistance: $1.16
• Next Resistance Levels: $1.23 and $1.34
• Immediate Support: $0.95
• Next Support Levels: $0.76 and $0.62

The breakout above the psychological $1 mark, coupled with a bullish engulfing candle, indicates sustained upward momentum. A move past $1.16 could pave the way for XRP to test $1.23 and $1.34. However, support at $0.95 serves as a crucial safety net in case of retracements.

Bullish Market Indicators Back XRP Momentum

Technical indicators confirm the bullish outlook for XRP:

• RSI (Relative Strength Index): At 76, the RSI reflects strong buying activity, though it’s nearing overbought territory.
• 50 EMA (Exponential Moving Average): At $0.60, this EMA serves as a robust support for the ongoing uptrend.
• 200 EMA: Positioned at $0.56, it further validates the strength of XRP’s breakout.

https://twitter.com/pcri2021/status/1857593706951721250c

Additionally, trading volume has exceeded $15 billion in the past 24 hours, highlighting heightened interest from both institutional and retail investors. The derivatives market also shows a 13% rise in open interest, suggesting a growing appetite for speculative trades.

Conclusion: What’s Next for XRP?

XRP’s breakout above $1 and its symmetrical triangle pattern suggest further bullish potential. Should the $1.16 resistance level be cleared, XRP could target $1.34 and $1.50 in the coming weeks. However, investors should remain cautious of potential consolidations due to overbought conditions.

Ripple’s legal progress, coupled with a shifting regulatory landscape, positions XRP for sustained growth, making it a focal point for both traders and long-term investors.