Top Expert Highlights Key Support Level For XRP Price
XRP price has been closely watched by investors as the crypto fell from its January high of $3.39 to the $1.95 mark recently, sparking market concerns. However, the crypto has wiped off some of its recent losses and traded in the green today, reflecting renewed investors’ confidence. Amid this, a top expert has highlighted a key support level that Ripple’s native crypto must hold to reclaim the $3 mark again.
Amid the recent surge and other positive market as well as technical trends, speculations also soared if the crypto could hit $6 soon.
Top Expert Highlights Key Support Level For XRP Price
As XRP price major setback recently, investors are keeping close track of the assets’ movement. However, as the market is looking for a potential foundation for Ripple’s native crypto, top experts have highlighted key levels to watch ahead for further cues.
For context, in a recent X post, prominent expert Ali Martinez said that XRP needs to hold the $2.27 level to regain upward momentum. According to his analysis, if the asset remains above this crucial support, it could gain enough strength to reclaim the $3 mark.
Adding to this sentiment, another expert, Rose Premium Signals pinpointed $2.41 as another critical support level. The expert noted that XRP is currently bouncing off a key support zone, indicating a possible breakout. As per the analysis, a bullish reversal is forming with potential short-term targets of $3.12 and $3.73.
Can XRP Price Rally To $6 Next?
As the analysts have hinted towards a potential XRP price surge to $3 soon, market watchers are anticipating further rally ahead. Having said that, the possibility of Ripple’s native crypto reaching $6 is gaining traction among analysts.
Top market watcher Dark Defender stated that the asset’s consolidation phase on the daily chart is nearing completion. Highlighting the Relative Strength Index (RSI) lows, he suggested that a breakout could soon propel XRP price toward $5.85 and beyond.
According to Dark Defender, the crypto is on track to enter its third wave of price action, which could lead to a strong rally. If the momentum holds, targets of $5.85 and $8.76 could be achievable in the coming weeks. The key supports identified in this scenario are $1.88 and $2.33, which need to hold firm for a sustained uptrend.
XRP ETF Odds Boost Sentiment
A flurry of positive market developments has fueled the investors’ sentiment recently. For context, Nasdaq has recently filed a 19b-4 form to the US SEC to list Coinshares XRP and Litecoin ETFs. This development, if happens, could significantly increase the appeal of the asset to the market participants.
Simultaneously, pro-XRP lawyer Jeremy Hogan recently said that the ongoing Ripple Vs SEC case is unlikely to impact the approval process of the ETF. He noted that the ruling of “XRP is not a security” is the main clarity that is required in this case for the launch.
What Lies Ahead?
XRP price today delivered gains of around 2.5% and traded at $2.49, while its one-day trading volume fell 20% to $4.48 billion. Notably, the crypto has rested between the $2.52 and $2.41 levels over the last 24 hours.
Conclusion
As the market continues to witness a surge in XRP’s price, it is essential for investors to stay informed about the key support levels and technical trends. The experts’ analysis highlights the importance of holding the $2.27 and $2.41 levels to regain upward momentum and reclaim the $3 mark. The possibility of XRP reaching $6 is also gaining traction among analysts, but it is crucial to monitor the market developments and technical trends for further cues.
FAQs
What is the current price of XRP?
The current price of XRP is $2.49, with a one-day trading volume of $4.48 billion.
What are the key support levels for XRP?
The key support levels for XRP are $2.27 and $2.41, according to experts Ali Martinez and Rose Premium Signals.
What is the likelihood of XRP reaching $6?
The possibility of XRP reaching $6 is gaining traction among analysts, with top market watcher Dark Defender suggesting that the crypto could hit $5.85 and beyond if the momentum holds.
What is the status of the XRP ETF?
Nasdaq has recently filed a 19b-4 form to the US SEC to list Coinshares XRP and Litecoin ETFs, which could significantly increase the appeal of the asset to the market participants. Pro-XRP lawyer Jeremy Hogan has also stated that the ongoing Ripple Vs SEC case is unlikely to impact the approval process of the ETF.
