Why can XRP break through $3, and what will be the subsequent trend this year?
In the past two days, the price of XRP has soared, breaking through the $3 mark for the first time in 7 years. Let me briefly analyze the reasons:
1. Good news on regulation
First, there has been new progress in the discussion about whether XRP is considered a security. Ali, a well-known analyst, mentioned on social media that XRP may no longer be classified as a security. This is a major positive for the XRP community because once this uncertainty is eliminated, it may attract more institutional investors to enter the market, thereby driving prices up.
2. Technical analysis: Breaking through key resistance levels
From a technical point of view, XRP recently broke through an important resistance level, reaching $2.4750. This breakthrough usually indicates that there is room for further price increases. According to the Fibonacci extension level, XRP's next target price may be between $2.594 and $3.7705. In addition, an ascending triangle pattern has appeared on the chart, which is a bullish signal that suggests that prices may continue to rise.
3. Market sentiment and media attention increased
As prices rise, market sentiment has become more optimistic. More and more media have begun to pay attention to XRP's performance, which has further boosted investor confidence. Well-known analyst MikybullCrypto pointed out that XRP is approaching a record high, and this positive market sentiment may attract more buyers to enter the market, pushing prices further up.
4. What is the expected price this year?
The surge in XRP prices so far this year is mainly attributed to the improvement of the regulatory environment, positive signals from technical charts, and high market sentiment. In addition, as the global remittance market further expands, XRP, as a leader in cross-border payments, will benefit from its low fees and fast transactions. If these factors continue to play a role, XRP may reach new heights in the future. I personally expect the peak to reach more than $5 this year.
Friends, have you invested in XRP? What do you think will be the trend this year?
