XRP has entered a bullish phase, with traders eyeing $3.40 as the next short-term target. Social media speculation and long-term holder expectations have created a renewed sense of momentum.
Traders Eye $3.40 Growth
According to CoinMarketCap, XRP rose 2.2% in the past 24 hours to reach $2.46, its highest level since early 2022. The move followed a liquidity sweep below key levels, which many traders see as a structural shift toward bullish conditions. Crypto Patel noted that XRP had swept sell-side liquidity and the proposed bullish order block at $2.2220 could act as an entry zone with targets set at $2.9990 and $3.40.
On-Chain Metrics Analysis
According to Glassnode, XRP’s Network Value to Transactions (NVT) ratio has surged to its highest level since January 2020. This indicates that the token’s market cap is growing faster than its transaction activity, often viewed as a sign of overvaluation.
XRP Long-term Prospects
While XRP continues to attract retail interest, further long-term price growth may require stronger fundamentals. Market conditions in the US and the Middle East are favorable, but the stagnation of transaction volume on the network remains a concern.
Traders view $3.40 as a crucial near-term resistance point, but any further growth will rely on technical confirmations and improved network utility.
