Chart of the day

Where do we stand fundamentally?

XRP recently surged to $1.2, a level not seen since November 2021, reflecting a 25% rise in mid-November 2024. This rally is attributed to optimism around potential regulatory changes in the U.S., particularly regarding the SEC leadership, which could become more crypto-friendly under new administration policies

Ripple, the company behind XRP, continues to benefit from a favorable court ruling in its ongoing case with the SEC. The court ruled that programmatic XRP sales did not meet the Howey Test, reinforcing that these transactions are not securities. Speculation about a possible SEC leadership change may further shape the regulatory environment favorably for XRP.

XRP is reaching the first resistance after basing 1.70. A break above 1.70 will open a strong upside extension in a third impulsive wave higher. Looking for a pullback to 0.70 at least in this possible second-wave pullback.

Rejection here at the mentioned level could lead to a pullback lower in a second wave before a strong extension higher in a third wave. A break above 1.67 and 2 will lead to an invalidation of a pullback.

_{Try a short trade entry with a stop loss above 1.95 to target 0.80 and lower.}