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XRP’s (XRP) price has wiped the losses in recent days, jumping 11.30% in the past 24 hours to reach its monthly high of $2.60 on Jan. 14.
XRP/USD four-hour price chart. Source: TradingView
Key catalysts propelling XRP prices higher today include indications of easing inflationary pressures and the potential for President-elect Donald Trump to sign pro-crypto executive orders upon assuming office on Jan. 20.
XRP’s rebound mirrors recovery across risk-assets
XRP's price rebound today aligns with a broader risk-on market recovery following reports that President-elect Donald Trump's economic team may adopt a gradual approach to trade tariffs to avoid inflation spikes.
The crypto market as a whole has surged by approximately 9% in the past 24 hours, while Nasdaq 100 futures have climbed 1.90%, signaling a potential end to its two-day losing streak.
TOTAL crypto market cap vs. Nasdaq 100 futures, US bond yields, and DXY 4-hour chart. Source: TradingView
Meanwhile, yields on 10-year and 2-year US Treasury notes, along with the US Dollar Index, declined during the same period, signaling a move away from safe-haven assets toward riskier investments, benefitting XRP price.
Trump to issue pro-crypto executive orders on day one: Report
XRP and the broader crypto market's recovery also aligns with reports suggesting that President-elect Donald Trump plans to issue a series of executive orders shortly after his January 20 inauguration, some of which could significantly impact the crypto industry.
According to a Jan. 13 report by The Washington Post, Trump is expected to sign orders addressing crypto de-banking and reversing a bank accounting policy requiring banks to list crypto holdings as liabilities.
Source: X
During his campaign, Trump actively courted the crypto industry with bold promises to transform the United States into a “crypto capital.” His pledges included establishing a Bitcoin strategic reserve and reducing regulatory scrutiny on the sector.
Additionally, Trump vowed to dismiss SEC Chair Gary Gensler, a figure widely criticized by crypto advocates for his stringent enforcement actions. This promise has further fueled bullish sentiment around XRP, given the SEC's ongoing legal battles with Ripple, XRP's parent company.
Related: Solana, XRP ETFs could attract billions in new investment — JPMorgan
Gensler and Commissioner Caroline Crenshaw are expected to step down on Jan. 20, coinciding with Donald Trump's presidential inauguration. Trump has nominated former pro-crypto SEC Commissioner Paul Atkins to succeed Gensler, signaling a positive shift in the agency's approach to cryptocurrency regulation.
XRP price eyes 30% gains next
XRP’s gains today are part of a breakout emerging out of its prevailing symmetrical triangle pattern.
XRP/USD daily price chart. Source: TradingView
Symmetrical triangles form when price action consolidates between converging trendlines, typically preceding a breakout in the direction of the prevailing trend — in XRP’s case, upward.
The measured move for this breakout, calculated by adding the height of the triangle to the breakout point, sets XRP’s price target for February near $3.45, up around 30% from current price levels.
In the short term, critical levels to monitor include the support zone around $2.50 and the 50-day exponential moving average (EMA) near $2.12. To confirm the symmetrical triangle breakout and aim for the $3.45 target, XRP must first overcome the psychological resistance at $3.00.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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