The crypto ecosystem is in recovery mode, with the spotlight on the price of XRP. Over the past 24 hours, the Ripple Labs-linked coin has jumped 5.99% to $2.46. With this surge, the coin remains one of the top 10 assets with great prospects of reclaiming key resistance levels
Is XRP reclaiming the $3 price level? XRP price has impressed and taken a major hit over the past month. From a low of $0.7726, the coin has jumped to $2.86, which is below the historical resistance level of $3. With the coin entering a consolidation phase over the past few weeks, the coin is looking for a major breakout.
Recently, XRP price retested and survived new lows, forming a strong support wall around the $2 price mark. Amidst the uncertainty in the broader market, XRP has registered some heavy selling attempts as the market has undergone heavy liquidation on at least two occasions over the past three weeks. However, XRP has held firm as on-chain fundamentals remain positive. As of writing, XRP trading volume is up 9.33%, with over $10 billion worth of coins changing hands in a 24-hour period. With the potential for a rebound, the chances of a retest of the $3 horizon remain clear. Bullish Fundamentals to Watch Amid expectations of changing regulations in the US, several asset managers have applied for a spot XRP ETF. If approved, the XRP ETF product will open up XRP to more investors under regulated conditions
Just as this product has led to massive capital inflows into Bitcoin and Ethereum, it could do the same for XRP. This could boost the price of the coin in the long run. Meanwhile, Ripple Labs Inc. has also received approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin. This stablecoin is expected to boost the liquidity of XRP, a development that could also boost the price of the coin.
