After experiencing two weeks of stability between $2.30 and $2.50, XRP is poised for a significant price shift. Analysts indicate the cryptocurrency may soon enter a new price discovery phase, a notable event that hasn’t occurred in seven years, leading to speculation about a potential rise to record highs.
Recent observations suggest that XRP ’s period of consolidation is ending. Technical analysis shows promising indicators, including low readings in the relative strength index (RSI), signaling a bullish trend. One analyst has projected that XRP could be gearing up for a “wave 3” rally, with a target price of $5.85, marking a substantial 129% increase from its current trading position of $2.55. Even more ambitious targets have been proposed, suggesting XRP could aim for approximately $8.76, representing a remarkable 243% upside from current levels.
Key support levels for XRP have been identified at $1.88 and $2.33, with the latter acting as a crucial barrier to prevent further declines during recent market turbulence. However, the cryptocurrency may encounter significant resistance at the $2.66 and $3.12 levels, which had functioned as points of support before the recent downturn. Should XRP successfully break the $3 barrier, additional resistance is anticipated at $3.29 and $3.38, which previously stymied efforts to surpass the all-time high of $3.40.
In a related development, the U.S. Securities and Exchange Commission (SEC) has acknowledged the application from Grayscale for an XRP exchange-traded fund (ETF). This recognition may serve as a catalyst for price movement. The change in SEC leadership, particularly with the departure of Gary Gensler, is seen as a potential shift toward a more favorable regulatory environment for cryptocurrencies. This comes in the wake of prior approvals for Bitcoin and Ethereum ETFs, which have bolstered their respective markets. However, XRP ’s price remains steady at $2.55, reflecting an 11% gain in the past week but a decline of 17% over the previous two weeks.
