Alabama Senator Tommy Tuberville has introduced the Financial Freedoms Act that will allow US investors to allocate part of their retirement funds into crypto. This act will drive demand for US-made altcoins, and mark a turnaround for XRP price that has been under bearish pressure.
Senator Tuberville Introduces Financial Freedoms Act
During an interview with Fox Business, Senator Tuberville stated that he wanted to undo the damage made by the Biden administration because of strict crypto regulations. Through the Financial Freedoms Act, the Senator seeks to allow individuals and families to invest retirement funds into crypto.
“President Trump has become the crypto president and we want to help him with this. This will be something good for everybody. Diversify, it’s a free country, do what you want with your money.”
This act will bode well for XRP price, which is one of the top US altcoins. An uptick in demand from the average US investor will also help bolster Ripple’s dominance among altcoins.
The Financial Freedom’s Act will further increase Ripple’s presence in the US crypto industry amid adoption by the US government. According to recent reports, the US government will issue a statement later this week to clarify whether XRP, SOL, and ADA will be part of the digital asset stockpile.
Senator Tuberville’s act alongside Ripple’s possible mention by US federal agencies suggests XRP can hit ATH in the coming months.
XRP Price Prediction and Analysis
XRP price seems to be on the verge of a bullish reversal due to the strong technical outlook after defending the support level at $2, as well as buying activity by whales. At press time, Ripple trades at $2.12 with a 2.4% gain in 24 hours.
Recent on-chain data on the Binance exchanges shows that one Ripple whale has purchased 9M XRP tokens, equivalent to approximately $18M during the recent dip. Such purchases suggest that whales may be positioning themselves for a possible upswing.
The whale’s purchase comes amid a strong outlook on the XRP 4-hour price chart. The RSI line has bounced from an oversold region and made higher lows, indicating that the buying pressure is gaining some momentum, which may prevent Ripple’s crash to $1.5.
At the same time, XRP price has also broken out past the lower Bollinger band, and it was testing the resistance at the middle band. If Ripple makes a decisive breakout above this middle band, the next resistance will be at $2.18. Breaking this level could pave the way for gains past $2.55, causing a bullish XRP price prediction.
This technical outlook and the Financial Freedoms Act proposed by Senator Tuberville paint a bullish outlook around the XRP price. Therefore, as long as Ripple defends the support level at $2, it can make significant gains and possibly reclaim $3.
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