The crypto market today has witnessed a strong surge, reflecting a significant increase in the risk-taking investment demand of traders.
A notable highlight is the strong breakout of leading altcoins, as most have recorded a new wave of interest from investors. Among them, XRP has become one of the tokens leading the charge with an 8.1% increase at the time of writing, after several weeks trading in the $2 to $2.3 range. With the strong growth momentum of the crypto market, experts are providing important insights into the upcoming development trends of this fourth-largest cryptocurrency.
XRP price surpasses significant target
The price of XRP has strongly broken out in the past 24 hours, recording an 8.1% increase and officially surpassing the short-term resistance level of $2.6. At the time of writing, this currency is trading at $2.81, showing strong confidence from investors in the potential of XRP.
Data from the derivatives market also indicates positive growth momentum. According to information from CoinGlass, the open interest (OI) of XRP has surged over 12%, reaching a high of $6.39 billion, the highest level since February this year.
However, the RSI index of XRP has currently exceeded 70, reaching 79.6, signaling overbought conditions for this currency. Such a high RSI level often makes investors cautious, as it could create short-term correction pressure. Some market participants may choose a cautious strategy, using this moment to take profits, especially as prices have been rapidly increasing recently.
Nevertheless, despite short-term concerns, experts remain optimistic about XRP's long-term outlook. The breakout above the $2.6 resistance has reinforced confidence in the positive trend of this currency, coinciding with the latest forecast from renowned analyst Ali Martinez.
In a recent post on X, Ali Martinez predicted that the price of XRP could reach $2.6, a prediction that has garnered significant attention from the investment community. Notably, this prediction was made when the price of XRP was only fluctuating around $2.34, making optimistic investors even more hopeful for this breakout.
Can XRP maintain its upward momentum?
As the price of XRP continues to record new milestone highs after a week of consolidation, the question many investors are asking is whether this upward momentum can be maintained. In other words, the potential for this altcoin to continue rising in the near future is a hotly debated topic.
The recent price surge has pushed the value of XRP up about 18% on the weekly chart, while extending the monthly gain to about 13%. This indicates strong attraction from investors and confidence in the long-term potential of this currency.
With the current context, market experts have shared important analyses and forecasts regarding the potential volatility of XRP in the coming days.
Famous analyst EGRAG CRYPTO believes that XRP could reach $2.7 to $2.8 before a correction occurs. After that, the price may continue to rise further; however, this forecast suggests the possibility of a short-term adjustment after reaching the target.
Meanwhile, Dark Defender's RSI chart analysis suggests a promising scenario where the price could spike to $3.61, with clear parallels to the surge in November last year. At the same time, AltcoinGordon also believes that XRP could reach $3.4, adding further hope for optimistic investors.
However, caution is still advised. Technical indicators, while valuable for reference, cannot guarantee future profits. Analysts agree that while XRP's outlook is quite promising, the cryptocurrency market always exhibits significant volatility, and risks remain.
Potential future price volatility of XRP
Analyst CasiTrades predicts that $2.69 will be the next crucial threshold for XRP. This is the minimum resistance level that has been surpassed, and if the current upward momentum continues, the price of XRP may achieve this target. However, CasiTrades also advises investors looking to enter positions to wait until the price retreats to the $2.45 range instead of chasing the immediate breakout.
With the $2.69 threshold broken, two scenarios may occur: (1) the price may get rejected and retreat, or (2) continue to break through and test support levels, leading to a continued upward trend towards $3 or higher.
This analysis is also consistent with EGRAG CRYPTO, which warns of a short-term pullback when the price hits $2.7. However, despite the potential for short-term adjustments, many analysts remain optimistic about XRP's long-term performance, especially if the currency can sustain positive trends in the future.
Meanwhile, analyst Javon Marks pointed out that XRP's historical performance suggests there could be a spike up to at least $9.6. This reinforces the belief that XRP could continue to maintain a strong upward trend in the future.
However, investors need to remember that past performance cannot guarantee future volatility. The crypto market always carries significant risks, and caution is essential in any investment decision.