The post Bull Trap or $5 Next? appeared on BitcoinEthereumNews.com.

XRP continues to be one of the strongest altcoins on the market as well as one of the few large-caps outperforming Bitcoin in recent weeks.  The XRP price traded as high as $2.97 on Wednesday, up 15% on the day following the soft CPI data.  Bulls are hopeful for a new all-time highs of $5 in the coming weeks, considering it has breached key resistance levels in its spot and BTC charts. Donald Trump’s inauguration and the incoming pro-Ripple SEC administration are also fueling the optimism.    However, investors are still concerned about a potential bull-trap, particularly if Trump’s inauguration turns out to be a sell-the-news event.  Why Is XRP Price Rallying And Can It Maintain The Bullish Momentum? XRP broke out of a bullish pennant formation on its daily chart, forming a new-yearly high of $2.89 in the aftermath. Interestingly, its $170 billion market capitalization has surpassed that of BlackRock and Disney.  As previously stated, it is one of the strongest altcoins on the market and likely one of the best bets heading into the highly-anticipated altseason.  XRP’s recent price action is marked by heavy whale bidding. Prominent analyst Ali Martinez reveals that whales purchased over 1.09 billion $XRP over the past week.  He also reveals the number of XRP transactions worth over $1 million has skyrocketed in the past 24 hours. On-chain data from Santiment further reveals a nearly 40% surge in the XRP held by whale wallets, which already held between 1 million and 10 million tokens.  Rallies driven by whale accumulation often have a high potential for sustained bullish momentum, which positions XRP as one of the best cryptos to buy now.  There has also been a drastic improvement in XRP’s fundamentals following Donald Trump’s US Presidential victory. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart…

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Filed under: News - @ January 15, 2025 6:20 pm