Top analysts predict a swift rise to $3 for XRP. Additionally, recent market signs imply Ripple’s native coin will climb to $6.
Investors have been closely monitoring the price of XRP, which has recently declined from its January high of $3.39 to the $1.95 mark, causing market apprehension. Nevertheless, the cryptocurrency has recovered some of its recent losses. It is currently trading in the green, indicating investor confidence’s resurgence. A prominent expert has emphasized a critical support level that Ripple’s native crypto must maintain to reclaim the $3 mark.
In the wake of the recent surge and other favorable market and technical trends, there was also a surge in speculation regarding the possibility of the cryptocurrency reaching $6 shortly.
Key Support Level for XRP Price Highlighted by Top Expert
Investors are closely monitoring the assets’ movements following the recent significant decline in the XRP price. Nevertheless, as the market seeks a potential foundation for Ripple’s native crypto, leading experts have identified critical levels to monitor in anticipation of additional signals.
To provide context, prominent expert Ali Martinez stated in a recent X post that XRP must maintain the $2.27 level to regain upward momentum. His analysis indicates that the asset may regain the $3 mark if it maintains its position above this critical support.
In addition to this sentiment, Rose Premium Signals, another expert, identified $2.41 as an additional critical support level. The expert observed that XRP is currently rebounding from a crucial support zone, suggesting the possibility of a breakout. The analysis indicates a bullish reversal, with prospective short-term targets of $3.12 and $3.73.
Is it possible for the price of XRP to rise to $6 in the future?
Market observers anticipate an additional rally shortly, as analysts have suggested that the price of XRP may rise to $3 shortly. Nevertheless, analysts are increasingly optimistic about the potential for Ripple’s native crypto to reach $6.
According to Dark Defender, a prominent market analyst, the asset’s consolidation phase on the daily chart is on the brink of completion. He suggested that a breakout could propel the XRP price toward $5.85 and beyond, emphasizing the Relative Strength Index (RSI) lows.
Dark Defender predicts that the cryptocurrency will experience its third phase of price action, which could result in a robust rally. Targets of $5.85 and $8.76 may be feasible in the forthcoming weeks, provided the momentum persists. The critical supports identified in this scenario are $2.33 and $1.88 to maintain a consistent upward trend.
Concurrently, the most recent market trends suggest that cryptocurrency will experience a bullish trajectory. XRP ETF approval probabilities have recently experienced significant growth in the fundamental sector.
The XRP ETF odds bolster the sentiment
A series of favorable market developments have recently bolstered investors’ sentiment. For context, Nasdaq recently submitted a 19b-4 form to the US Securities and Exchange Commission (SEC) to list the Coinshares XRP and Litecoin ETFs. This development could substantially enhance the asset’s allure to market participants.
Simultaneously, Jeremy Hogan, a lawyer who advocates for XRP, recently stated that the ongoing Ripple Vs. SEC case would unlikely affect the ETF’s approval process. He observed that the primary clarification necessary for the launch is the ruling that “XRP is not a security.”
What lies ahead?
Today, the price of XRP increased by approximately 2.5% and closed at $2.49. However, its one-day transaction volume decreased by 20% to $4.48 billion. The cryptocurrency has been in equilibrium between $2.52 and $2.41 for the past 24 hours.
Particularly noteworthy was the asset’s Relative Strength Index, which was 42, suggesting that there may be additional gains to come. Moreover, the XRP Futures Open Interest increased by 5.5% to $3.74, a significant decrease from the $7.86 billion recorded in mid-January.
Nevertheless, the price trajectory of XRP will be significantly influenced by the upcoming days. According to the analysts, investors should maintain a vigilant eye on the $2.27 and $2.41 support zones, as a rebound from these levels could propel the price toward $3 and potentially beyond.
Nevertheless, investors should exercise caution in light of the volatile situation and the increasing macroeconomic apprehensions in the market. Additionally, several experts have expressed concern regarding the potential collapse in Ripple’s native crypto, which has impacted market sentiment.
