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Ripple's XRP was trading at $2.4, up more than 7 for the day. The Ripple-based token had steadily risen above $2, a significant 2021 resistance level.
People who have owned XRP for a long time are betting that President Trump will help Ripple in its legal battle.
The price of XRP, a cryptocurrency created by Ripple, rose sharply on Monday, continuing a strong rally that has seen it rally more than 7% in the past 24 hours and trade above a key resistance level in 2021.
As XRP remained above $2 with strong buying pressure, a key development was observed in the market. In previous years, XRP prices have risen sharply above resistance levels only to fall quickly afterwards due to volatility.
However, this time around, XRP has managed to stay above the $2 resistance level, indicating a shift in market dynamics.
According to FOX Business Senior Correspondent Charles Gasparino, the Trump administration could influence XRP's current court appeal.
Specifically, he suggested that the SEC could reverse the programmatic sales ruling or drop its appeal against Ripple.
Santiment data showed that the Dormant Circulation (90d) metric spiked, indicating that investors who had held XRP within the previous 90 days were the primary source of profit-taking.
On the other hand, a slight rise in the Mean Coin Age metric suggested that long-term holders were accumulating XRP, evidenced by increasing selling pressure from these short-term holders.
The Mean Coin Age metric calculates the average duration of time that each XRP token has remained at its current address. According to Santiment, an increase suggests that accumulation predominates over distribution.
To maintain the bullish momentum, XRP must hold the $2 support line. If the Ripple-based token breaks below this support level, the broader bullish thesis would be invalidated, potentially indicating a bearish trend.
On the micro-scale, XRP may see one more upward push, possibly reaching new resistance levels.
After the immediate target areas, higher resistance can be found at $2.54, $2.61, and $2.62. If the altcoin breaks below the $2.2 mark, it may indicate a bearish move towards lower levels.
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