- Amid the current market sentiment, the potential for an XRP price breakout is high.
- Key product development has set the coin apart for a new rally.
Rippe-backed XRP coin is moving on a bullish trajectory, with the price surging over 3% on the daily chart. XRP traders and investors have shown resilience and determination in the coin, despite the drawdowns in April. Analysts speculate XRP is poised to see a breakout towards $3.
XRP Flash Buy Signals
At press time, the XRP price was $2.13, up 3.11% over the past 24 hours, according to MarketCap data. At the same time, the trading volume increased by 69.5% to $2.34 billion, indicating rising investors’ interest.
Technical indicators reveal buy signals amid an improving sentiment across the crypto market. The total crypto market cap rose 2.9% to $2.7 trillion. Bitcoin (BTC), the leading market coin, has crossed the $87,000 mark after a 3.4% daily spike. Ethereum (ETH) followed the bullish momentum, climbing 3.4% to $1,646, while Solana (SOL) broke above the $140 resistance.
The fear and greed index is regaining momentum at 39. This move indicates a jump from the extreme fear conditions witnessed ahead of US President Donald Trump’s reciprocal tariffs on April 9. Other factors encouraging the risk-on sentiment include oversold conditions and an improving regulatory environment in the US.
As regards XRP, Coinbase Derivatives’ filing to “self-certify” XRP futures trading appears to be a major factor fueling the latest rally. On April 4, Coinbase Institution announced that its Derivatives arm had filed with the Commodities Futures Trading Commission (CFTC) to “self-certify” XRP futures.
The approval of this instrument is expected to increase institutional adoption of XRP. It would allow investors to access a regulated instrument to one of the industry’s most liquid digital assets.
Coinbase Derivatives expects to commence XRP futures trading on Monday. The platform promised to release additional information regarding launch timelines and availability provided to investors beforehand.
As highlighted in our previous article, Bitnomial has officially launched the first XRP futures product regulated directly by the CFTC. Rather than using cash, this product settles by direct delivery of XRP.
Can XRP Hit $3?
Several technical indicators support XRP’s move towards the $3 psychological level. The chief is the Moving Average Convergence Divergence (MACD) indicator, which shows a buy signal for XRP. This trend, alongside the green histograms, affirms the bullish outlook.
However, traders averse to risk may wait until the MACD indicator crosses above the center line before investing in XRP. Nonetheless, the Relative Strength Index (RSI) has recently broken the descending trendline resistance, hinting at a change in momentum in favor of the bulls.
Moreover, the 50-day and 100-day Exponential Moving Averages (EMA) have posed resistance around $2.22, while support is at $2. If XRP breaks the two hurdles, it would result in a path with the least resistance towards $3.
In a recent update, we covered, analyst Zach Rector predicted a more bullish outcome for XRP. The analyst projected that XRP could reach $15, citing JPMorgan’s bullish XRP ETF estimations.
Recommended for you:
No Comment! Be the first one.