Why is XRP price up today?

XRP price has wiped the losses incurred on Jan. 19, jumping 5.7% in the past 24 hours to trade at $3.28 at the time of writing.Key catalysts propelling XRP prices higher today include the potential for President-elect Donald Trump to sign pro-crypto executive orders upon assuming office on Jan. 20, high open interest and strengthening market technicals.XRP price boosted by Trump’s inaugurationXRP’s rally on Jan. 20 mirrors similar moves across the broader crypto market fueled by Bitcoin’s run to new all-time highs above $109,000. This comes on a day when US President-elect Donald Trump is set to return to the White House.The crypto community is drunk with optimism that his administration will promote a friendly environment for crypto businesses. While on the campaign trail, Trump promised to turn the United States into the crypto capital of the world and fire Securities and Exchange Commission (SEC) Chair Gary Gensler on “day one.” Gensler is expected to officially leave office today on Jan. 20. Under Gensler’s tenure, which started in 2021, the SEC took an aggressive regulatory stance toward crypto, including Ripple’s case with the SEC, in which a court found the firm liable for $125 million in August 2024.Reports suggest that Trump plans to issue a flurry of pro-crypto executive orders shortly after his inauguration, some of which could significantly impact the XRP price, including the possible approval of a spot XRP ETF.According to giant bank JP Morgan, spot XRP ETFs could attract $4 billion to $8 billion in new assets within the first five months. 🚨 BREAKING: January 2025 is Set to EXPLODE! 🚀1. SEC vs. Ripple Case Dismissed - Watch XRP Skyrocket to $5+! The legal shackles are OFF, and XRP is about to soar like never before. 2. SEC Greenlights All Pending ETFs - Including Solana and XRP. With this monumental…Record open interest backs XRP price recoveryIncreasing expectations of a crypto-friendly regulatory environment under Trump’s presidency have sparked growth in XRP-tracked futures, with the open interest (IO) zooming to record highs on Jan. 18. Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements. XRP’s OI rose to an all-time high of $7.6 billion on Jan. 18 before retracing to the current value of $7.10 billion. The OI has increased by 90% since Jan. 9, accompanying a 47% uptick in XRP price over the same period.High open interest indicates that the current market trend driving the underlying price has momentum, pointing to investor confidence that the trend will continue.Note that the last time XRP experienced such a surge in OI was between Nov. 28, 2024, and Dec. 3, 2024, when the price rallied 170%.XRP price eyes $3.60 nextXRP’s gains on Jan. 20 are part of a breakout emerging from its prevailing symmetrical triangle pattern.Symmetrical triangles form when price action consolidates between converging trendlines, typically preceding a breakout in the direction of the prevailing trend, i.e. up. The measured move for this breakout, calculated by adding the triangle's height to the breakout point, sets XRP’s short-term price near $3.60, up around 10% from current price levels.In the short term, critical levels to watch are the support zone around $2.95 and the 50-day simple moving average (SMA) near $2.46. To confirm the symmetrical triangle breakout and aim for the $3.60 target, XRP must first overcome the resistance provided by the seven-year high of $3.40.Crypto analyst Javon Marks believes XRP is ready for a massive upward move after the price recovered quickly from a “false breakdown move.”Marks shared a chart showing the XRP price breaking out of a bull flag in the two-hour timeframe with the caption:“Prices can be getting ready for a massive run.”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.