XRP and Ethereum prices continue to show resilience as the crypto market regains momentum. XRP traded slightly above $2.70, recording a modest 2% gain within the past 24 hours. Ethereum hovered near the $3,300 mark, maintaining its steady growth.
The market had a 1% increase in total capitalization, which drove the total capitalization to about 3.24 trillion. Bitcoin also shot up, currently hovering above $95,000. Other top altcoins such as Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have gained.
This is a recovery because the White House is thinking of withdrawing the much controversial Clarity Act bill.
White House Threatens to Withdraw Crypto Bill Support as Coinbase Pulls Backing
The White House has threatened to withdraw its sponsorship of the CLARITY Act, which is a major bill to regulate the crypto markets.
This is against the background of tension with key players in the industry, particularly Coinbase. The crypto exchange has actually pulled out its political backing, claiming that it does not agree with the way the bill is being formulated.
This sudden action has damaged the relationship between the crypto industry and the government. Journalist Eleanor Terrett reported that the withdrawal of the support of Coinbase may put the bill at a standstill.
This dispute as it continues to happen, leaves it ambiguous about the future crypto policies. The investors are keenly following the events and are gambling on the reaction of assets such as XRP and ETH to the growing confrontation between the regulators and the sector.
Ethereum Price Holds Near $3,300 as Market Eyes Breakout Above $3,400
Ethereum price hovered near the $3,300 level on Saturday, slightly below the weekly high of $3,370.
The Ethereum has recorded approximately 7% growth over the last week, with a very positive momentum, even though the rest of the crypto market is performing slowly.
This has been the price action following the successful rollout of the Fusaka network upgrade that has served to sustain network strength.
Nevertheless, ETH has been predominantly in consolidation in the previous sessions. A good close at the end of the day over $3,400, can lead to a rally to the range of $3,800-$4,000.
On the negative side, Ethereum will hit the support zone of $3,000 once more before trying to recover, in case it goes lower than $3,200.
XRP Price Maintains Uptrend as Spot ETFs Record $1.11M Inflow
XRP price is trading near $2.07, showing steady momentum as it maintains a short-term uptrend. This trend has capped the recovery on the downside in the last week.
The token is clinging just above the very important support of $2.07 that is crucial in maintaining confidence in the market.
The XRP has gained a rather small 1% in the last 24 hours. January 16, also marked net inflows in spot XRP ETFs of 1.11 million, indicating the increasing investor interest. In case of increased bullish action, it is possible that the XRP will go up to the $3 mark shortly.
Nevertheless, in case bears reclaim their authority, it could drag the token to approximately $2, and thus the support level of $2.04 will be more relevant.
To sum up, XRP and Ethereum are very resilient despite the regulatory tensions. Inflows into ETFs and network improvements are indications of increased investor confidence.
The breakout is still possible when the bullish trends prevail; however, the important support levels should be observed to prevent short-term bearish reversals.
Source: https://coingape.com/markets/xrp-and-eth-price-prediction-as-white-house-threatens-to-pull-back-clarity-act-bill/
