Ripple faces several fundamental and technical tailwinds that could push its price significantly higher in the ongoing bull cycle.

ripple (XRP), the third-largest cryptocurrency, traded at $2.45 on Monday as Congress convened to certify Donald Trump's presidential victory. The token is up 375% from its September low and is now a few points below last year's high of $2.90.

Trump's endorsement represents one of the final steps before his inauguration on January 20. The president-elect has promised to make the United States a major player in the cryptocurrency industry by implementing friendly regulations.

The only thing his administration might do is ask the SEC to approve spot exchange-traded funds. recently Show data Bitcoin and Ethereum ETFs have accumulated assets of more than $111 billion and $13 billion, respectively.

Polymarket users believe that A Ripple ETF It could be approved later this year. According to a small survey with assets of $2,700, there is a 71% chance that XRP-based ETFs will be approved by the end of the year. This scenario is plausible, given that XRP is one of the oldest cryptocurrencies and ranks third in terms of market cap, valued at over $140 billion.

The incoming Trump administration could also benefit from Ripple due to expected changes at the Securities and Exchange Commission. Current SEC Chairman Gary Gensler, known for his anti-cryptocurrency stance, is likely to resign. He was replaced by Paul Atkins.

Atkins, a veteran regulator, has previously expressed support for digital assets and may choose to drop several lawsuits brought by the agency. Trump also pledged to deregulate key industries, including cryptocurrencies.

Meanwhile, open interest for XRP in the futures market continued to rise, reaching $192 million – its highest level since December 9.

XRP price has formed a very bullish pattern

The daily chart indicates that XRP has formed a strong bullish pattern, indicating a potential rally in the coming weeks.

The token developed a bullish pennant chart pattern, with a flagpole starting at $0.49 and extending to $1.8958. The price has been consolidating within a triangle formation, which is now approaching a major confluence.

XRP has remained comfortably above its 50-day and 200-day moving averages, which crossed in a bullish signal on November 12.

Given these indicators, XRP is likely to continue higher, with the next major resistance level at $2.90 – the highest swing point from 2024. A break above this level could open the door for a move towards the psychological target of $5.