XRP targets $2 with bullish momentum and strong technical indicators.
Institutional backing fuels XRP’s growth, enhancing market confidence and adoption.
XRP has been in upward momentum, hitting a six-day high of $1.58 after breaking through the $1.52 resistance level. Currently trading at $1.56, XRP has surged 7% in the past 24 hours, even as trading volume dipped by 13%. Over the past month, XRP has outperformed many other altcoins, gaining an impressive 199%. However, it remains 59% below its all-time high (ATH) of $3.84, set in 2018.
Notably, technical analysis suggests it could be on the cusp of breaching the $2 psychological resistance. If this bullish trend continues, it could target $2, a critical level backed by strong investor interest and favorable market sentiment. Beyond $2, $2.56 has been identified as the next major target, with $1.30 serving as a solid support level.
XRP Price Chart, Source: Sanbase
Meanwhile, Institutional interest in it has also grown. Ripple’s recent investment in the rebranded Bitwise Physical XRP ETP marks a strategic move to bolster its European presence. This development is expected to expand XRP adoption and boost investor confidence, further fuelling its price momentum. Industry experts believe this collaboration could solidify XRP’s market position and support its journey toward $2.
XRP Bulls To Pull A Major Rally?
On the technical front, indicators such as the Relative Strength Index (RSI) at 83 and a positive Moving Average Convergence Divergence (MACD) signal reinforce the bullish outlook. Whale activity adds to the optimism, with large holders accumulating over 50 million over the weekend, anticipating further gains. The daily RSI of it stands at 85, suggesting that the altcoin is currently facing buying pressure.;
Despite this positive momentum, some caution remains. Analysts note the $1.60 level has seen repeated tussles, making it a critical zone for bulls to defend. A decisive close above this level could pave the way for XRP’s next leg up.
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