With the current positive shift in the market, a price target of $3 is becoming possible.
The market is generally showing a bullish consolidation trend, and XRP's price is in the spotlight. After a week of volatility, XRP's price hit a low of $2.20; now, with the rebound in token trading volume, the situation is changing. As of the time of writing, XRP's trading volume has surged by 65.38% in the last 24 hours, reaching $2.89 billion.
XRP is about to rebound significantly.
The significant increase in XRP trading volume proves the rekindling of market optimism.
Last weekend, U.Today reported that XRP's trading volume increased, reaching a milestone of 2.7 million transactions. This milestone indicates that, against the backdrop of the rebound, the bullish outlook for the token has emerged once again.
At the time of writing, XRP's price is $2.461, having risen by 2.77% in the past 24 hours and more than 4.9% in the past week. If XRP's trading volume and overall price momentum continue, it may retest the $3 mark in the short term.
XRP's losses over the past 30 days are gradually decreasing, with a year-to-date (YTD) growth rate of 6%.
Key catalysts to watch
XRP is not the only altcoin rebounding. The overall market looks healthy, drawing strength from Bitcoin, with Metaplanet investing 150 BTC into Bitcoin.
However, the growth of XRP is based on the overall personalized ecosystem foundation. While calls for an XRP ETF are still far off, recent enhancements to the XRP Ledger (XRPL) have also added hope to the long-term prospects of the token.
The conclusion of the Ripple Labs and SEC lawsuit also brings significant benefits to XRP, which may be reflected in its performance. Immediate resistance is around $3, and if the token breaks through this level, it could rebound and set new all-time highs.