XRP prices have been increasing for three consecutive days, reflecting a renewed interest in altcoins. The current price of XRP stands at $3.25, indicating a recovery from recent lows.
Technical Analysis of XRP Price
According to daily charts, XRP price bottomed at $1.6173 in April, coinciding with a crash in many altcoins. A gradual recovery followed, eventually pushing the price to a record high of $3.6552 this month. Despite a recent pullback, XRP remains above the 50-day and 200-day exponential moving averages, signaling bullish support. The recent dip is also seen as part of forming the handle of the cup-and-handle pattern.
Key Drivers Behind XRP Growth
Several factors are contributing to the rise of XRP. Firstly, the open interest in XRP futures has maintained above $9 billion, significantly up from below $4 billion in June. Secondly, a positive funding rate indicates that investors expect future price increases. Thirdly, strong demand for XRP ETFs is anticipated once approved by the SEC, further boosting prices.
XRP Outlook for the Coming Months
Considering the current situation, forecasts for XRP remain positive. Existing ETFs like XXRP and UXRP are showing significant asset volumes. Additionally, XRP is benefiting from a growing market share of its RLUSD stablecoin, which has accumulated assets exceeding $550 million. This indicates increasing interest and support for XRP.
In conclusion, XRP price shows positive signals, confirmed by technical analysis and increasing investor interest. If this trend continues, higher price levels may be reached in the coming months.
