XRP could be on track for a $3 breakout as Ripple gains momentum, with traders eyeing catalysts tied to adoption, regulation, and bullish sentiment
In the past few weeks, there has been a rise in the level of stagnation in the cryptocurrency market. Nevertheless, that could be about to change shortly, as one of its most prospective assets is on the brink of a significant increase.
Ripple (XRP) may be on the verge of achieving the highly sought-after $3 level, which may occur sooner than investors anticipate.
The cryptocurrency sector has been unable to establish any form of upward momentum over the past week. After reaching a record high just weeks ago, Bitcoin has plummeted to $105,000. Nevertheless, the asset class may experience an increase, with one token in particular expected to show a surge.
Why XRP May Surge Sooner Than You Think: Ripple to $3
The past few weeks have been quite challenging for XRP and its investors. The token was resolved at $2.17 on Friday and has not established any definitive upward momentum thus far.
According to CoinMarketCap, the token has experienced a mere 2% increase in value over the past 30 days. Moreover, it experienced a decline of less than 1% over the previous week.
Nevertheless, the cryptocurrency market may transform. Ripple’s native token XRP may be poised to ride a surge toward $3, and it may occur sooner than any cryptocurrency investors anticipate.
As per recent analysis, the weekly XRP chart has a declining wedge pattern. This is crucial because it indicates that Ripple encounters significant resistance at the upper trendline, approximately $2.43.
If it can establish a weekly close at this level, there is enthusiasm for a 45% increase. This would result in the cryptocurrency reaching a peak of $3.20.
In addition, an ascending triangle pattern is forming on its daily chart. The price must surpass the $2.60 resistance line for this to occur. However, if it can accomplish this, the token could be positioned to reach a target price of $3.50, which would result in a 60% increase for investors.
Together, they demonstrate several critical technical realities that suggest that positive momentum is feasible and imminent. Despite its ongoing challenges with upward momentum, it has consistently garnered support from traders. This instills confidence that it is safeguarded from substantial value declines despite its inability to surpass those resistance levels.
