This year, XRP has shown impressive growth, reaching $3 boosted by optimism from the filing for a Grayscale ETF.
Overview of XRP's Growth
XRP has exhibited a strong upward movement this year, especially after the SEC acknowledged the filing by NYSE Arca for a spot XRP ETF. Following this, the cryptocurrency broke through a significant resistance level at $2.
Analyst Predictions and Insights
Popular crypto analyst Egrag Crypto provided a short-term outlook, stating the recent flash crash was a "manipulation event" that liquidated many leveraged traders. He emphasized that XRP remains on an upward trajectory as long as it stays above a critical level.
"Wicks can occur, but if we close below any of the targets listed, it would be a negative signal," Egrag Crypto tweeted. He added that a target of $3.40 is key for reaching a new all-time high.
Technical Levels and Possible Scenarios
Analyst Ali Martinez identified an ascending channel on the 4-hour chart, noting that "XRP is rebounding from the lower boundary of its channel, gaining momentum towards $3." Analyst Arina Karayi elaborated that the price stabilizes within a consolidation area of the ascending channel, suggesting that a third touch on the lower boundary could act as strong support leading to a bullish rebound to $3.6.
However, Karayi warned that if bearish momentum continues, XRP could drop to $2.2319 and possibly $1.9603.
At press time, XRP was trading at $2.22, reflecting a 1.96% drop over the past 24 hours. Analysts' forecasts indicate potential for further growth if the cryptocurrency can maintain key support levels.
