The altcoin industry, led by Ripple Labs’ XRP, has experienced heightened volatility in the past 24 hours following the inauguration of pro-crypto US President Donald Trump on Monday. As Bitcoin (BTC) price retests crucial support level above $100k, more crypto investors are shifting their focus to the altcoin industry in anticipation of an altseason in the near term.
Furthermore, Bitcoin dominance has been forming a macro reversal pattern, after hitting a major psychological resistance level above 61 percent.
XRP Price Aims for New ATH
After hitting a multi-year high of about $3.4 last week, XRP price has been trapped in a correction mode in the four-hour time frame. The large-cap altcoin, with a fully diluted valuation of about $309 billion and a 24-hour average trading volume of about $15 billion, has been forming a potential ABC correction, which often yields a fresh bull run.
According to crypto analyst Ali Martinez, XRP price is well positioned for a fresh bull rally towards $4.4 in the near term, after potentially breaking out of a bullish flag.
Factors Fueling Bullish Outlook
Since XRP overtook Tether’s USDT to become the third largest crypto asset by market capitalization, more whale investors have proliferated to the XRPL network. According to on-chain data analysis provided by Santiment, XRP whales, with a balance of between 1 million and 10 million coins, added 100 million coins in the last 2 days to hold about 5.37 billion.
The XRP bullish outlook has heavily been bolstered by the political climate change in the United States through Donald Trump.
Furthermore, the Trump administration has signaled that the cryptocurrency market will play a crucial role in the economic transformation of the United States in the next four years.
With the notable XRPL developments, in line with the mainstream adoption of web3 technology and digital assets, XRP’s price is well positioned to continue leading in the next crypto bullish leg.
