XRP is trading above the $3.23 resistance level after adding 2% to its value.
Renewed hope around a spot XRP ETF is pushing the price of XRP higher.
The coin could soon reach an all-time high of $4 if market conditions persist.
The cryptocurrency market has turned bullish after last week's correction. Bitcoin, the number one cryptocurrency by market cap, is targeting $120,000 after falling to $115,000 last week.
Ether is also approaching $4,000, while XRP has rebounded after testing the $2.99 support level a few days ago. With the market rallying over the weekend, analysts expect the market trend to continue in the coming days.
š„BNB leads the market charge as altcoins surge
As Bitcoin heads toward the $120,000 level, altcoins have outperformed the broader market. BNB, the native coin of the Binance ecosystem, is the best performer among the top 10, adding over 6% to its value to reach a new all-time high of $850.
XRP is no exception: Ripple's native coin has surged nearly 3% in the last 24 hours. The rally has allowed XRP to bounce off the $2.99 support level and could soon climb towards the $4 mark.
Market analysts are confident that renewed hope for an XRP spot ETF is the main catalyst behind XRP's rally. Jamie Elkaleh, CMO of Bitget Wallet, believes institutional sentiment has improved following Ripple's partial legal victory earlier this year. He added that,
āXRP is regaining market momentum as renewed ETF speculation intersects with growing legal clarity,ā Elkaleh said. āThis shift is increasing market depth and signaling a structural step forward for XRPās legitimacy in U.S. markets.ā
Currently, XRP ETF exposure is limited to futures, but analysts believe any progress towards a spot ETF could lead to massive inflows into the XRP ecosystem.
š„XRP is aiming for a new all-time high of $4
The 4-hour chart of XRP/USD is bullish and efficient after XRP dropped to the $2.99 support level last week. The coin may be preparing for another rally and could soon reach the $4 handle if market conditions remain bullish.
At the time of writing, XRP is trading at $3.29. If XRP continues its recovery, it could extend its rally and reach the daily resistance level of $3.40 in the coming hours.
A prolonged bull run would allow XRP to surpass its recent high of $3.66 and climb towards the $4 mark for the first time in its history.
Technical indicators have turned bullish, suggesting buying pressure. The MACD indicator showed a bearish crossover last week, but has now reversed back into the positive zone.
The RSI indicator on the 4-hour chart is 59, above the neutral level of 50, indicating bullish momentum.
However, if the market corrects after a bullish weekend, XRP could retest the $3.22 level in the coming hours. Any close below the daily support level of $2.99 could see XRP decline further towards the $2.72 region.
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