XRP has broken the previous historical peak of 3.40 USD, reaching 3.65 USD with an increase of over 40% in just one week, creating great expectations from the community.
The price level of 3 USD has been an important resistance and support threshold this year. XRP surpassing this mark opens up opportunities towards higher price levels like 4.10 USD or even 4.50 USD based on current technical analysis.
MAIN CONTENT
XRP has broken out of a large symmetrical triangle, surpassing the 3 USD resistance.
The outcome of the retest at 3 USD will determine XRP's next trend in the short term.
Technical forecasts and options market data predict XRP could reach between 4.50 USD to 7 USD this year.
How did XRP surpass the important 3 USD threshold?
Analyst Lark Davis assesses the 3 USD level as a key barrier, having previously served as major support and resistance in January and March of this year. XRP officially breaking above this level since July 9 demonstrates strong upward momentum and the market could rise further.
With years of experience in cryptocurrency technical analysis, Davis notes that maintaining above this threshold will trigger new price targets based on the height of the previous symmetrical triangle.
Why is the 3 USD mark important for XRP?
The 3 USD threshold serves as a major tug-of-war point between buyers and sellers in 2024. According to on-chain data and historical prices, this level has continuously defined the short-term and medium-term trends of XRP.
"XRP breaking through the 3 USD mark is an important signal indicating that the upward trend could be further solidified, especially when liquidity and trading volume are both increasing significantly."
Lark Davis, cryptocurrency analyst, 07/10/2024
Analysis shows that if the price holds above 3 USD, the next target is the range of 4.10 – 4.50 USD, corresponding to technical projections from the triangle model.
How will XRP perform in the retest of the 3 USD mark?
Cryptocurrency market experts predict that price action around the 3 USD range in the short term will determine whether the trend continues to rise or fluctuates sideways between 2.60 and 3 USD.
If XRP successfully retests and maintains above this support, investors can expect a strong subsequent increase. Conversely, volatility around lower than 3 USD may cause the trend to remain confined within a narrow range.
What is the potential price of XRP in 2024?
Based on Fibonacci extension, XRP could reach a price of 4.68 USD. At the same time, assuming Bitcoin maintains an upward trend reaching 150,000 USD, it will pull XRP's momentum even higher, possibly exceeding 5 USD.
The options market has recently also reflected positive signals as traders bet on about a 20% chance that XRP will hit 4.50 USD by September 2024.
"XRP reaching 7 USD this year is entirely feasible if Bitcoin breaks through to 200,000 USD; however, it requires a huge push from the global market."
Lark Davis, cryptocurrency market analyst, mid-2024
The price level of 10 USD corresponds to a market capitalization of about 590 billion USD; this is a very high threshold but not unattainable in the context of rapid cryptocurrency development.
Frequently Asked Questions
Can XRP maintain a price above 3 USD?
According to technical analysis and significant trading volume, the likelihood of maintaining above 3 USD is high, setting the stage for the next upward trend.
What is the target price of XRP this year?
Fibonacci and options data indicate that XRP could reach between 4.50 to 7 USD depending on Bitcoin's market movements.
How does the retest of the 3 USD level affect XRP's price?
The outcome of the retest will determine whether XRP continues to rise or moves sideways, a key factor in the short term.
Who are the experts assessing XRP's price movement?
Lark Davis, a veteran cryptocurrency analyst, has provided many accurate forecasts based on technical analysis and market data.
Is the price level of 10 USD for XRP achievable?
This price level requires a very large market capitalization and extremely favorable market conditions; while not common, it is still possible in the long term.
Source: https://tintucbitcoin.com/ripple-vuot-dinh-gia-du-bao-7-usd/
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