Key Notes

Key Notes:

On-chain data shows XRP whales have not been aggressively accumulating XRP in the recent past compared to late last year.The long-term outlook for XRP remains bullish bolstered by robust fundamentals.

Ripple Labs-backed XRP price XRP $2.58 24h volatility: 1.5% Market cap: $149.51 B Vol. 24h: $2.20 B closed last week above a resistance level of around $2.6 to retest a crucial resistance range between $2.77 and $2.9. The large-cap altcoin, with a fully diluted valuation of about $265 billion and a 24-hour average traded volume of around $3.5 billion, pumped over 12 percent last week to trade about $2.65 on Monday, February 17, during the mid-London session.

Consequently, the XRPL’s native coin overtook Tether’s USDT USDT $1.00 24h volatility: 0.1% Market cap: $142.50 B Vol. 24h: $21.07 B in market valuation to be ranked the third most valuable digital asset. As of this writing, Tether’s USDT had a net valuation of about $141.9 billion while XRP recorded about $154.9 billion.

As a top-tier altcoin, with over 5 million on-chain holders, XRP price has largely been following Bitcoin’s price action in the recent past. In the daily time frame, XRP price has been forming a potential reversal pattern characterized by a head and shoulders (H&S) formation coupled with a bearish divergence of the Relative Strength Index (RSI) akin to Bitcoin’s weekly double top and bearish divergence of RSI.

In case of further bearish sentiment, the XRP price will find a solid support range between $1.77 and $2. Meanwhile, crypto analyst Ali Martinez thinks that XRP price has been forming a cup-and-handle pattern amid the ongoing bearish outlook in the daily time frame.

As a result, the crypto analyst has set a short-term target of about $3.35 in the 30-minute time frame. The bullish thesis by Martinez will, however, be invalidated if the XRP price breaches the support level of around $2.4 in the near term.

If $XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35! pic.twitter.com/91Til6HUOo

— Ali (@ali_charts) February 16, 2025

As Coinspeaker has previously noted, XRP has enjoyed robust fundamentals in the past few months. The re-election of US President Donald Trump for the second term has heavily bolstered XRP’s bullish sentiment.

Furthermore, the Trump administration has laid more emphasis on enabling the mainstream adoption of digital assets. Already, the US SEC and the CFTC have been working together to ensure clear crypto regulatory clarity as Congress prepares to pass definitive digital assets regulatory frameworks.

As a result, the ongoing SEC vs Ripple case, which has been a huge impediment to XRP’s growth in the past few years, is expected to be concluded in the near term. Furthermore, the US SEC recently filed a joint motion with Binance Holdings to pause the ongoing case for at least 60 days.

Meanwhile, Ripple has backed XRP’s mainstream adoption with the real-world utility of its products including Ripple Payments and Ripple USD (RLUSD).

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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