Key highlights
- XRP has regained the $3 threshold, increasing nearly 3% on Tuesday.
- Momentum indicators are displaying waning bearish signals, with a bullish trend anticipated.
XRP surpasses $3 as overall market reflects early recovery
The cryptocurrency market experienced a rough start to the week but is now indicating initial signs of recovery. Bitcoin is trading above $111k after a 1% rise, while Ether has reached over $4,600, marking a 4% increase.
XRP, the native token of Ripple, is on the rise as it reclaims the $3 psychological level after a more than 3% rally. The coin may continue to climb in the next hours and days as bullish momentum persists.
This recent surge follows the CME Group’s announcement that its crypto futures suite has exceeded $30 billion in notional open interest for the first time. The CME Group also noted that the SOL and XRP futures surpassed $1 billion each, with XRP becoming the fastest to achieve this milestone in just over three months.
Institutional investment continues to bolster XRP’s value, potentially driving it higher in the upcoming days and weeks.
XRP aims for $3.7 as bullish momentum emerges
The XRP/USD 4-hour chart remains positive, with XRP increasing nearly 3.5% in the last 24 hours. The Ripple native token dropped over 5% on Monday, closing below the 61.8% Fibonacci retracement level at $2.99.
It has now bounced back and is trading above the $2.99 support level. The RSI of 54 indicates growing bullish momentum, while the MACD lines have crossed into positive territory.
If XRP maintains its upward trajectory, it could aim for the next daily resistance at $3.40. A sustained bullish run could push XRP past its yearly peak of $3.66, with an all-time high target of $3.8.
Conversely, if XRP encounters a correction, it may dip below $2.99 and target the next critical daily support at $2.72.
