Is XRP Price Set To Reach $3: ETF Talk Could Be The Catalyst
- Analysts expect XRP to possibly rebound to $4 this month, with further upside toward $5.85 and $8.76.
- XRP price jumped 1.40% with a trading volume of $5.54 Billion.
Ripple (XRP) looks poised for an upward move amid market speculation regarding Grayscale’s 19b-4 filing approval for an XRP ETF.
Despite the market volatility, XRP price stagnated in a range throughout the week and held its ground.
At press time, XRP price was trading at $2.44, noting a rise over 1.40% in the past 24 hours. The trading volume surges to $5.54 and the market cap stood at $141.53 Billion, ranked 4th in the crypto market.
With a potential approval of the XRP ETF by the SEC, XRP price seemed ready for an upside move and preparing for a wild swing.
Analyst Forecasts $13 this Cycle, $110 in Next Bull Run
Crypto analyst EGRAG Crypto forecasted that XRP price will reach $13 during this market cycle.
The upcoming major bull market trends will push XRP price to reach $110. The analyst predicted that a technical cup and handle pattern breakout might push price higher.
The analyst observes that XRP price trends now confirm his prior projections. He anticipates the cryptocurrency will break out to reach target price levels.
The ongoing positive market analysis of XRP serves as evidence for forecasting abilities. Traders hold a positive outlook for XRP price movements because of multiple strong analytical factors.
What are the On-Chain Metrics Telling Us?
Despite a bounceback from the 100 day EMA mark, XRP price still consolidated around the $2.50 mark and failed to gain further momentum.
However, the accumulation was still evident as the supply on exchanges dropped significantly over the past few sessions.
To better understand whether XRP price will go above the $3 resistance zone, the interest among investors was further evidenced by a rise in daily active addresses. In the past seven days, the active addresses have surged by over 1.30%.
Typically, a rise in active addresses meant that investors have gained interest which could push XRP price higher ahead.
XRP Price Prediction: What are the Charts Saying?
XRP price chart on the daily time frame indicates consolidation movements. Following the reversal from the 100 day EMA mark, buyers are still struggling to surge past the $2.60 mark for a major rally next.
A recent post on X by Ali Charts, XRP price has been hovering inside a symmetrical triangle pattern and may see a breakout move soon.
If XRP price smashes past the trendline barrier, a major rally toward the $15 mark could be seen ahead.
Going forward, the Open Interest (OI) has risen over 1.20% to $3.56 Billion, representing a rise in long positions.
Furthermore, the liquidation data revealed that long liquidations reached $3.78 Million, while short liquidations totaled just $2.90 Million.
This imbalance signals that the majority of traders remain optimistic about further price increases.
Therefore, as long as XRP price holds a key support level of $2, this bullish sentiment may continue to drive prices higher. However, a break below the aforementioned mark, a significant downswing could be seen.
