XRP leads market gains amid wide fluctuations.
XRP rose by about 5.3% today, reaching $3.03 before stabilizing around $3.00. The rise was accompanied by trading volume exceeding three times the daily average, indicating significant activity from investors and institutions.
Analyses link the movement to renewed optimism about the clarity of legal regulations for XRP.
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2. A broad rise in cryptocurrencies supported by expectations of interest rate cuts from the U.S. central bank.
The market has seen a general recovery, with Bitcoin stabilizing around $114,000, while Ethereum, Cardano, and XRP recorded gains of up to 8% supported by investors' optimism regarding the Fed's direction towards interest rate cuts in September.
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3. Ripple's $15 billion listing supports the bullish trend for XRP.
Ripple's estimated value of about $15 billion has boosted investor confidence in XRP. Technical indicators show key support at $2.7346, with resistance targets in the $3.55 to $3.65 range. Breaking $3.5527 may confirm the continuation of the rise, while slipping below $2.6168 could create selling pressure.
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4. Technical analysis supports the possibility of continued upward movement.
Technical analyst EGRAG confirms that XRP is approaching the "final stage" of a potentially very strong bullish rally. According to curve models, the currency could reach $27.00 in the middle scenario if it manages to break long-term resistance, although there is a higher scenario reaching $48.90 if the momentum continues. However, the actual break above the $3.55 threshold is key.
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The future of XRP:
Support is solid at the $2.90–3.10 range, with any drop below this potentially pushing the price towards $2.80.
Breaking the strong resistance at $3.20–3.25 could open the way to the $3.50–3.60 range and perhaps beyond.
Investors are responding cautiously to expected regulations and SEC developments, especially with the launch of ProjectCrypto by regulatory bodies.
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