XRP price has captured market attention this week with an impressive rally, breaking the $1 mark for the first time since November 2021. Following a weekend surge, XRP’s value has doubled, riding the wave of broader cryptocurrency market gains. Analysts anticipate further upward momentum fueled by heightened investor interest and strong market sentiment. This remarkable performance positions XRP as a standout in the ongoing crypto resurgence.

Is $3 the Next Target for XRP Price After Breaking $1?

Crypto analysts highlight a significant milestone: XRP’s weekly candlestick closes above $1 after a lengthy 1,140-day gap. The achievement represents a pivotal moment for Ripple, sparking excitement among traders and enthusiasts alike.

This breakout reinforces the cryptocurrency’s strong performance in the market, gaining attention after prolonged stagnation. The milestone suggests bullish momentum, signaling renewed investor confidence in XRP. Market analysts closely monitor its next potential moves amid broader crypto market dynamics.

Why is XRP Price Up Today?

XRP price has surged significantly following recent developments in the cryptocurrency sector. Last Thursday, 18 US states sued the Securities and Exchange Commission (SEC) and its commissioners, including Gary Gensler, alleging unconstitutional overreach in the crypto industry. 

The pressure on Gensler has intensified as incoming US President Donald Trump hinted at his resignation. Speculation about crypto-friendly candidates potentially replacing Gensler has further bolstered market optimism. 

Additionally, the broader crypto market thrives, with Bitcoin trading above $91,000 and Ethereum surpassing $3,100. This bullish trend is fueling confidence across digital assets, including XRP, which continues to rally amidst this momentum.

Will Ripple Price Hit $3 in 2024?

At the time of writing, the XRP price is $1.14, reflecting a notable 6% increase in the last 24 hours. Over the past week, Ripple price has witnessed remarkable momentum, with a staggering 96% surge in value, drawing significant attention from the crypto market.

The coin’s current price is still far from its all-time high of $3.84, recorded on January 4, 2018. This marks a 70.11% decline from that peak, emphasizing future growth potential should bullish trends persist.

The price of the top altcoin is testing crucial resistance at $1.25, signaling potential opportunities for further upward momentum. A decisive break above this level might ignite a rally, with the next target set near the $1.50 mark.

If bullish momentum continues to build, the price could soon aim for the $2 resistance level. Analysts believe sustained gains beyond this zone may open doors for a surge toward $3, representing a significant increase of over 150%.

Will XRP Price Reach $3 After Ripple Breaks Above $1?Will XRP Price Reach $3 After Ripple Breaks Above $1?
XRP Price Chart: TradingView

XRP’s recent breakout above $1 signals strong bullish momentum. The path to $3 depends on overcoming key resistance levels. Positive market sentiment and growing investor confidence are fueling this potential rally. Continued momentum could bring significant gains in the future.

Frequently Asked Questions (FAQs)

Market optimism and Ripple’s $1 breakout fuel the rally.

It signals renewed bullish momentum and investor confidence.

If key resistances are overcome, $3 is a plausible target.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link