Key Insights
- •XRP price recovered over 6% in 24 hours, despite struggling near the $2 mark.
- •The recent price hike follows a broader crypto market selloff and optimism surrounding XRP ETFs.
- •Top experts suggest XRP could reach $3 if it successfully reclaims a critical support level.
XRP Price Action and Market Sentiment
XRP price has been struggling to maintain positive territory in recent days. The recent dip below the $2 mark has intensified discussions about the cryptocurrency's potential future price movements.
This downturn has occurred despite significant anticipation surrounding the launch of XRP ETFs in the US. The altcoin ETF market has been heating up, with other cryptocurrencies like Dogecoin and Solana also gaining attention due to their own ETF launches.
However, these positive developments have not translated into improved market sentiment. A significant crypto market crash yesterday, which saw Bitcoin and other major altcoins experience double-digit percentage losses, has spooked traders.
In the past couple of days, the market has faced considerable setbacks. Bitcoin's price slipped near $80,000, and Ethereum's price dropped to $2,600, among other notable market movements.
To understand the potential future direction of XRP, it is important to examine its major support and resistance levels.
XRP Price Recovers After Broader Crypto Market Selloff
XRP price demonstrated a recovery of over 6% in the last 24 hours, trading at $2.03 at the time of writing, up from a 24-hour low of $1.8.
Notably, the trading volume for XRP has fallen significantly, by over 50%, to $3.6 billion, indicating a decline in market activity.
The Ripple coin price dipped as low as $1.89 in the last 24 hours, sparking conversations about its potential future trajectory.
Market chatter regarding the timeline for XRP's price recovery continues, even as the asset showed a loss of over 9% in the past week, with a monthly chart decline totaling 16.87%.
However, derivatives data suggests a different outlook. CoinGlass data indicates that XRP Futures Open Interest has risen by more than 1% to $3.28 billion, despite the recent price retreat.
Furthermore, a major technical indicator hints at a potential upcoming recovery in the asset's price.
The Relative Strength Index (RSI) for XRP was at 31, suggesting that the cryptocurrency is nearing an oversold condition.
Such conditions often present opportunities for market participants to enter at a lower price, which can subsequently contribute to an asset's recovery.
This analysis will now explore key levels for XRP that market analysts believe will shape the asset's future trajectory.
Analyst Reveals Key Ripple Coin Price Levels
Amid the ongoing slump in XRP price, analyst Ali Martinez has identified key levels to monitor for Ripple coin.
In a recent X post, Martinez stated that $1.75 represents a crucial support level for XRP, as investors have acquired 1.8 billion Ripple coins at this price point.
Martinez noted that this level serves as a key support for the asset. He also mentioned that the TD Sequential signal is currently showing a "buy signal" for XRP.
According to the expert, this signal has historically led to rebounds of 14% and 18% for the asset. In parallel, analyst CRYPTOWZRD suggested that XRP price must hold the $1.95 support level to experience a future recovery.
This expert shared a chart indicating that the next potential targets are at $2, $2.27, and $2.75.
Furthermore, if XRP clears the resistance at $2.75, the expert anticipates a potential rally to $3.15 for the asset.