DonAlt, who presciently predicted the gargantuan XRP rally that took place in November, believes that the price of the price of the token might double yet again if it manages to break out of its current range.
One of the most popular pseudonymous cryptocurrency traders, who boasts more than 600,000 followers on the X social media platform, has identified a trading range between support and resistance levels at around $2.20 and $2.60, respectively.
The price of the token has been mostly stuck within this range since early December after it failed to rally all the way to $3.
At press time, XRP is changing hands at $2.47 after adding 2.6% over the past 24 hours.
The Ripple-affiliated cryptocurrency has reclaimed the third spot on CoinMarkeCap, surging ahead of Tether (USDT).
Alex DovbnyaThe token is rallying ahead of the launch of Ripple's much-anticipated RLUSD stablecoin. As reported by U.Today, the San Francisco-based company recently confirmed that the stablecoin product would become available on major exchanges on Tuesday.
XRP has also benefited from the broader cryptocurrency rally. Earlier today, Bitcoin hit yet another record high.
Despite the fact that XRP experienced an immense rally in November, DonAlt believes that it has much more room to run if it manages to break above the $2.60 resistance level. Such a momentum-driven could potentially
The buzz surrounding XRP ETFs could emerge as a new powerful bullish catalyst for the controversial token.
XRP is currently 27.3% away from reaching its long-standing all-time peak that was recorded seven years ago.
Dan Burgin
Vladislav Sopov