After a sharp rise, the BTC price encountered a small pullback and after the selling pressure was exhausted, the token headed back to $100K. Meanwhile, Ethereum also surged above $4000 and is trying hard to secure the levels that could push the prices towards a new ATH. This could be the reason why the XRP price remained bullish in the long term, although the short-term price action indicated a more than 10% drop.
Now that the price has begun with a steep recovery, will the XRP price reach $3, forming new highs for the year before the yearend?
After marking the interim lows around $2.18, the price rebounded, preventing excess price drain but is yet to trigger a strong upswing. As the volume remains largely still, the probability of a strong rise remains aloof. Meanwhile, the recent rebound indicates there is more room for the bulls to thrive, indicating XRP could be gearing up for a 25% in the next fortnight followed by a 40% upswing in the first few weeks of 2025.
The current trade setup of XRP suggests the token has become highly volatile as the Bollinger bands stand expanded and the price remains stuck to the upper bands. Besides, the RSI remains within the overbought range, suggesting the bulls continue to hold a tight grip over the rally. Therefore, the price is expected to rise above 1 FIB at $2.9 this weekend and later head towards the next target at $3.5 at 1.2 FIB before the end of 2024.
Ripple’s stablecoin RLUSD was set to lauch, which was built to enhance the cross-border payments along with XRP. The rounds of launch had set the XRP price on fire; meanwhile, a delay has caused the price to face a small downturn. The launch is set to happen before 2025, which suggests an XRP price rally is also incoming. The nominal volume ranges between $1 and $2 billion, but now the range between $14 billion and $16 billion has become the new normal
This suggests that market participants, bulls, whales, and institutions are extremely vigilant, and a small push beyond $2.8 may trigger the XRP price rally to $5.
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