Disclaimer: The opinions expressed by our writers are their own and do not represent the opinions of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
XRPafter witnessing price fluctuations in the past two days, with its value falling to $2,137, has made a recovery. Data From CoinMarketCap shows that the coin has regained the $2.20 price level, representing a 1.75% increase over the past 24 hours.
Market confidence and high trading volume
This moderate rise indicates the asset's resilience in the ongoing cycle. XRP appears to have rediscovered its bullish momentum, as numbers show increasing investor confidence. Trading volume increased significantly by 19.58% to reach $5.59 billion. This comes as traders and investors have renewed interest in the asset.
XRP reached $2.2303 during trading over the past 24 hours before settling at the current price level. Analysts point out that with support found at this point, its ability to maintain momentum could determine price growth.
Related to
Expectations of further upside depend on XRP's ability to overcome key resistance levels. The $2.30 mark is considered an important mark resistance A currency wall where investors expect higher price levels. However, the XRP chart reveals that the asset is still fighting the bears and is not in a fully consolidating phase that could serve as a base for higher levels.
With market volume on an upward trajectory, this could boost cryptocurrencies to new heights. Continued momentum from market participants could push XRP to flip the $2.30 point as it seeks to continue its impressive performance in this bull market cycle.
Challenges and opportunities ahead for XRP
XRP has a local high of $2.90, meaning the community needs to support its value to rise an additional $0.70 to reach it. With Ripple RLUSD is gaining traction In less than 10 days since its launch, it may help boost the expected growth in XRP prices.
Related to
Ripple must expand its availability on some of the largest cryptocurrency exchanges to make this happen. For example, Coinbase, Binance, and Bybit have not yet listed stablecoins. Once it reaches these platforms, it may lead to faster adoption and increased interest in XRP, which is the ultimate goal.
If this happens, coupled with positive sentiment surrounding the incoming administration in the US, XRP may attempt to test the $3 level.
Source link