XRP's price has been a topic of discussion in the market due to recent movements indicating both trader interest and asset volatility.
XRP Price Slips But Trader Interest Remains
XRP's price has slipped nearly 2%, trading at $3.45, indicating a pause from investors after a robust rally. Additionally, the one-day trading volume fell 32% to $7 billion, reflecting low activity in the market. However, despite this dip, derivatives data suggest sustained interest among investors, as XRP Futures Open Interest rose by 0.2% to $10.7 billion. The relative strength index (RSI) for XRP stands at 35, indicating a neutral position and approaching oversold conditions.
Key Levels to Watch
Analysts note that breaching the $3.5 level for XRP could lead to significant upward movement. Renowned expert Ali Martinez emphasizes that XRP breaking out of a bullish flag on the weekly chart could allow for a rapid rise to $10. EGRAG CRYPTO echoes this view, highlighting the $3.65 level as crucial for a bullish outlook on the price.
What Could Be the Price Targets for XRP's Market Cap?
EGRAG CRYPTO has also shared targets based on XRP's current market cap analysis. These include Fibonacci levels of 1.272 at $308 billion, 1.414 at $488 billion, and 1.618 at $946 billion. Given XRP's current market cap of $203 billion, these targets represent potential increases of 51%, 140%, and 366% respectively.
While the predictions remain optimistic, experts advise caution in the face of ongoing market volatility. Short-term pullbacks may provide opportunities for investors to enter the market at lower prices.
