XRP remains one of the strongest altcoins on the market as well as one of the few major coins to outperform Bitcoin in recent weeks.
The price of XRP traded as high as $2.97 on Wednesday, rising 15% the day after a small decline. Consumer Price Index data.
Bulls are hoping for all-time highs of $5 in the coming weeks, considering that it has breached key resistance levels in the spot and Bitcoin charts. The inauguration of Donald Trump and the incoming pro-Ripple SEC administration are also adding to the optimism.
However, investors remain concerned about the possibility of a trap, especially if Trump’s inauguration turns out to be a news-selling event.
Why is the price of XRP rising and can it maintain the upward momentum?
XRP broke out of the bullish flag formation on the daily chart, forming a new yearly high at $2.89 in the aftermath. Interestingly, its market capitalization of $170 billion has surpassed that of BlackRock and Disney.
As mentioned earlier, it is one of the strongest altcoins on the market and will likely be one of your best bets heading into the upcoming altcoin season.
XRP’s recent price action is characterized by large whale bids. Leading analyst Ali Martinez reveals Whales bought over $1.09 billion worth of XRP over the past week.
It also reveals a number XRP transactions Its value has risen to more than $1 million in the past 24 hours. Data on the string from Santiment It also reveals a roughly 40% increase in XRP held by whale wallets, which already contained between 1 million and 10 million tokens.
Rallies driven by whale accumulation often have a high potential for sustained upward momentum, making XRP one of the best cryptocurrencies you can buy right now.
There was also a dramatic improvement in XRP’s fundamentals after Donald Trump won the US presidency. Ripple CEO Brad Garlinghouse and Legal Director Stuart Alderotti have met with Trump on multiple occasions and committed $5 million to his inaugural fund.
And with reports that Trump is set to sign more than 100 executive orders on the first day of his presidency, Ripple may be one of the beneficiaries.
There is also a strong possibility that the new SEC administration, led by new pro-crypto Chairman Paul Aldrote, will drop or settle the lawsuit against Ripple. In fact, outgoing President Gary Gensler refused to postpone SEC opening brief filingscheduled for today, January 15, indicates that the new administration does not agree with its views.
Buy XRP today or wait?
Despite the rosy prospects for XRP, fringe investors would do well to be wary of a potential bullish trap ahead of Trump’s inauguration.
Alternatively, they can wait for a daily or weekly close above the $2.90 resistance level, paving the way for all-time highs.
Other Best Cryptocurrencies You Can Buy Right Now
Along with XRP, Sui is another top-tier coin that is seen as one of the best cryptocurrency investments heading into the altseason.
Likewise, experts believe that the Frog Pepe coin is approaching a major breakout. Smart money investors are already buying low-cap Mimi coins, keeping in mind that they tend to explode in association with Pepe’s bullish rally.
For example, Wall Street Baby (WEPE) It is approaching the $50 million mark during the ongoing pre-sale period.
Thanks to its pool of VIP “alpha calls,” staking platform, and community-focused tokens, WEPE is viewed by a few high-profile investors as the next 100x meme coin.
New Pepe-themed AI agent currency, Mind Baby (MIND) Demand is also high and he raised over $1 million in his initial coin offering (ICO) within a few hours.
The new AI coin promises real-time market information, powered by cutting-edge AI technology and community intelligence, exclusively for MIND holders, which explains the strong pre-sale demand for the coin.
The AI agent will also have an X account, which is not only useful for gathering community alpha but also an excellent marketing ploy.
$MIND has its own set of stakes, a feature missing in many AI client currencies, and currently offers a return of over 1,600% per year.
Given the hype surrounding AI coins, it’s no surprise that experts are already looking at Mind of Pepe as a 10x investment.
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