Ripple is facing numerous fundamental and technical tailwinds that could push its price significantly higher in the ongoing bull cycle. Ripple ( XRP ), the third-largest cryptocurrency, was trading at $2.45 on Monday as Congress convened to ratify Donald Trump’s presidential win. The token has risen by 375% from its September low and is now a few points below last year’s high of $2.90. Trump’s ratification marks one of the final steps before his inauguration on January 20. The President-elect has promised to make the U.S. a key player in the crypto industry by implementing friendly regulations. One thing that his administration may do is to have the Securities and Exchange Commission approve spot exchange traded funds. Recent data shows that spot Bitcoin and Ethereum ETFs have accumulated over $111 billion and $13 billion in assets, respectively. Polymarket users believe that a Ripple ETF could be approved later this year. According to a small poll with $2,700 in assets, there is a 71% chance that an XRP-based ETF will be approved by year-end. This scenario is plausible, given that XRP is one of the oldest cryptocurrencies and ranks third by market cap, valued at over $140 billion. You might also like: SPX6900 price rockets to ATH: will SPX hit $2 soon? Trump’s upcoming administration could also benefit Ripple due to expected changes at the SEC. Current SEC Chair Gary Gensler, known for his anti-crypto stance, is expected to resign and will likely be replaced by Paul Atkins . Atkins, a veteran regulator, has previously expressed support for digital assets and may opt to drop several of the lawsuits the agency has filed. Trump has also pledged to deregulate key industries, including crypto. Meanwhile, XRP’s open interest in the futures market has continued to rise, reaching $192 million — its highest level since Dec. 9. XRP futures open interest | Source: CoinGlass XRP price has formed a highly bullish pattern XRP coin chart | Source: crypto.news The daily chart indicates that XRP has formed a strong bullish pattern, suggesting a potential surge in the coming weeks. The token has developed a bullish pennant chart pattern, with a flagpole that started from $0.49 and extended to $1.8958. The price has been consolidating within a triangle formation, which is now approaching a key confluence point. XRP has remained comfortably above the 50-day and 200-day moving averages, which crossed in a bullish signal on Nov. 12. Given these indicators, XRP is likely to continue rising, with the next key resistance level at $2.90 — its highest swing point from 2024. A break above that level could open the door for a move toward the psychological target of $5. You might also like: Injective price flies as the new INJ 3.0 era starts
