Bitcoin

when

XRP’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) price registered its largest daily return since Dec. 2, rising by 11.92% on Jan. 1, 2025, as Ripple looks forward to Donald Trump’s inauguration on Jan. 20. 
Meanwhile, on shorter time frames, the XRP/USD trading pair broke above key resistance at $2.30 after testing $2 as support over the past two weeks.
<figure>
 <img alt="Cryptocurrencies, Ripple, SEC, XRP, Markets" src="https://s3.cointelegraph.com/uploads/2025-01/019425cc-3d2a-7937-85a7-3c98afc80550" title="">
 <figcaption style="text-align: center;">
 XRP/USD 4-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
<h2 id="ripple-moves-500m-xrp-from-escrow">Ripple moves 500M XRP from escrow</h2>
XRP price is up today following a significant XRP transfer worth over $1 billion. According to <a data-ct-non-breakable="null" href="https://xrplexplorer.com/explorer/25F820D9DA27C447D14543AD9DBCA031DCC3627DC15E436540FDF72E77EA5FF5" rel="nofollow noopener" target="_blank" text="null" title="https://xrplexplorer.com/explorer/25F820D9DA27C447D14543AD9DBCA031DCC3627DC15E436540FDF72E77EA5FF5">onchain data</a>, Ripple moved 500 million XRP tokens from its escrow account to another Ripple-owned wallet. 
However, an interesting note which piqued the market’s attention was attached to the transaction. It read, 
<blockquote>
 “January 20th is around the corner. Donald Trump will be in the WH, and we are going to make crypo [sic] great again!”
</blockquote>
This likely acted as a catalyst today as XRP has been one of the top performers since Donald Trump’s election win in November 2024. 
Meanwhile, the XRP futures market flipped bullish on the first day of 2025. After a 54% drop in open interest (OI) in December, the crypto assets’ OI jumped by 25% over the past two days.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-sell-pressure-btc-price-coinbase-premium-index-low" rel="null" target="null" text="null" title="https://cointelegraph.com/news/bitcoin-sell-pressure-btc-price-coinbase-premium-index-low">Related: Bitcoin ’seller pressure’ pushes Coinbase premium index to 12-month low</a>
Data from <a data-ct-non-breakable="null" href="https://www.coinglass.com/" rel="nofollow noopener" target="_blank" text="null" title="https://www.coinglass.com/">CoinGlass</a> indicated that the open interest increased from $1.86 billion on Dec. 31 to $2.37 billion on Jan. 2, 2025. These new positions opened over the past two days are possibly long, contributing to XRP’s positive rise. 
<figure>
 <img alt="Cryptocurrencies, Ripple, SEC, XRP, Markets" src="https://s3.cointelegraph.com/uploads/2025-01/019425df-9257-7c05-87f3-f1b2d7b3a615" title="">
 <figcaption style="text-align: center;">
 XRP futures open interest. Source: CoinGlass
 </figcaption>
</figure>
Short liquidations have been at their highest since Dec. 20, with over $15 million wiped out over the past 24 hours. XRP short liquidations were also the third largest liquidated crypto asset, fueling XRP’s bullish breakout. 
Additionally, after a flash rise in the XRP exchange reserve at the beginning of December, the supply on Binance decreased from 2.97 billion to 2.90 billion during the final week. 
This <a data-ct-non-breakable="null" href="https://cryptoquant.com/asset/xrp/chart/exchange-flows/exchange-reserve?exchange=binance&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" rel="nofollow noopener" target="_blank" text="null" title="https://cryptoquant.com/asset/xrp/chart/exchange-flows/exchange-reserve?exchange=binance&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line">indicates</a> that spot buyers possibly bought the dip as XRP price corrected from $2.25 to $2.00.
<figure>
 <img alt="Cryptocurrencies, Ripple, SEC, XRP, Markets" src="https://s3.cointelegraph.com/uploads/2025-01/019425ee-dd99-79e5-9765-80ab44c1b1c6" title="">
 <figcaption style="text-align: center;">
 XRP exchange reserve on Binance. Source: CryptoQuant
 </figcaption>
</figure>
<h2 id="key-xrp-price-levels-to-watch">Key XRP price levels to watch</h2>
On longer timeframes, XRP maintains a bullish market structure on the daily and weekly charts, but price fluctuations can be expected in the medium term. 
As shown below, XRP oscillates within the trendlines of a symmetrical triangle pattern without a confirmed breakout. 
<figure>
 <img alt="Cryptocurrencies, Ripple, SEC, XRP, Markets" src="https://s3.cointelegraph.com/uploads/2025-01/01942612-5a89-7266-97af-5b1e5aee0bd1" title="">
 <figcaption style="text-align: center;">
 XRP 4-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
A key resistance range between $2.50 and $2.60 may cap XRP’s rise. This particular level has acted as a key reversal point after XRP reached a yearly high of $2.90 in 2024, with XRP failing to convert it into a support level. 
Currently, this range is confluent with the triangle’s descending trendline, which the XRP/USD pair might fail to break again. 
A daily candle close of $2.60 would confirm a bullish breakout above this key trendline, leading to new yearly highs above $3, or a 26% gain. 
Conversely, a drop to $2.10, where a daily order block is present, may hinder immediate bullish price action. A daily close above $2.30 will retain investors’ confidence, but a close below $2.30 might usher in another period of profit-taking.
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.

Why is XRP price up today?

Table of Contents

Cointelegraph

Other articles published on Mar 12, 2024

Coinbase’s Brief Questions SEC’s Reluctance in Framing New Rules

Toncoin pumps 20% as traders give bullish forecast for new altcoin

Crypto Bros 'Choose Rich' As Elon Musk And Others Chime In On Twitter

Spot Ethereum ETF: What Are The Chances of Approval In May?

Trump Takes A Stance: No Crackdown On Bitcoin And Cryptocurrencies If Elected President

Patex Expands Global Reach, Lists Native Token on Major CEX and DEX Platforms

Join our free newsletter for daily crypto updates!