Ripple (XRP) price consolidated above the $3 mark on Wednesday January 23, supported by bullish tailwinds from Trump’s inauguration. With investors increasingly shifting coins into long-term storage, is XRP price could be on the verge of a major breakout towards $5? Ripple (XRP) Consolidates as $3 amid Multiple Trump-fueled Bullish Catalysts Ripple (XRP) price stagnated around $3 on Wednesday, raising a few eyebrows as crypto market events during the day revealed a number of bullish catalysts. First, Bloomberg ETF Analyst James Seyyfart confirmed the imminent listing of XRP and Solana (SOL) futures on CME Group, the world’s largest derivatives exchange. Given the share size of capital at play among institutional investor-focus exchanges like the CME group, Ripple price is expected to attract significant capital inflows in the long-run. XRP Price Action | XRPUSDT However XRP price failed to advance significantly after the news of this event broke for several reasons. The chart above shows that XRP price spent the larger part of Wednesday in consolidation phase, moving within the narrow channel between $3 to $3.2. First, XRP is not expected to begin trading on the CME group until Feb 10. Hence the expected capital inflows are not priced. More so, Donald Trump’s foray into the memecoin space, has diverted layer-1 capital flows towards the Solana network. These two facts played a role in XRP tepid price action observed on Wednesday. It remains to be seen if bull traders will break out of the current sit-and-watch state, and place larger long bets as February 10, at the tentative date of XRP and SOL listing on CME Group approaches. Binance Traders spotted moving $300M XRP amid Trump ETF Approval Speculations. XRP price has established steady support above $3 this week, amid positive speculations surrounding potential altcoin ETF approvals, President Donald Trump’s expected crypto-friendly policies and rapid digital assets purchase by affiliate firm World Liberty Financial (WLFI). However, on-chain data trends reveal another major bullish signal from investors currently holding XRP. Validating this narrative, CryptoQuant’s exchange reserves chart above tracks the daily balances of XRP coin deposited in wallets hosted on Binance, the world’s largest spot trading crypto exchange. As of January 16 XRP traders held a total of 3.04 billion XRP in Binance-hosted wallets. But that figure has declined steeply since then, hitting the 2.9 billion mark at close of trading on Tuesday. This reflects that XRP holders have effectively removed 100 million XRP ($300 million) form the short-term market supply readily available to be traded on Binance. This reflects that XRP price has increased by double-digits in the past week, the majority of current holders are unwilling to sell, instead are transferring large volumes of coins into long-term storage options. Such a dramatic decline in short-term market supply could clear the path for XRP price to enter an accelerated breakout during the next demand surge. XRP Price Forecast: $3 support holds firm as traders await market clarity XRP price forecast currently flashes positive signals, with recent movements indicating a steady support at the $3.00 zone. The XRPUSD daily chart further highlights a recent 7% rally over two days, showcasing buyer confidence. The Bollinger Bands display a moderate expansion, with XRP trading near the upper band at $3.14, suggesting bullish momentum but signaling a potential overextension. Additionally, the Parabolic SAR, with its dots trailing below current price levels, reinforces the bullish bias as it often signals sustained upward momentum. XRP Price Forecast | XRPUSD The MACD histogram, while remaining positive, shows narrowing bars, hinting at waning bullish momentum. The MACD line is slightly above the signal line, supporting a cautiously optimistic outlook. For a bullish scenario, XRP must decisively breach $3.52, the upper Bollinger Band, to target $3.70 and beyond. Conversely, a bearish breakdown of $3.00 could expose XRP to $2.68 support, indicated by the lower SAR marker and midline of the Bollinger Bands. The post Ripple (XRP) price forecast: Will Trump’s ETF approvals spark $5 breakout? appeared first on CoinGape .
