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XRP's price is not looking as bad as the rest of the market, following a quick rebound toward $2.50 after plunging into sub-$2 territory. Luckily for us, a major portion of the crypto community also believes in the asset's bullish future and voted for a surge to $3, as a Santiment survey shows.
This hope is fueled by the asset's past results as well as the possibility of fresh market momentum. Following a robust recovery from its recent lows, the price of XRP has been consolidating. As a floor during past corrections, the digital asset is currently holding above $2.30 a crucial support level. The resistance at $2.70 and eventually the $3.00 mark, which has proven to be a difficult barrier, continues to be the largest obstacles. According to the chart, XRP is making an effort to rise, but the 50-day EMA is serving as immediate resistance.
A strong bullish indication would be a successful close above $2.70, which might open the door for another attempt at $3.00. A wider uptrend that involves the $3.20-$3.50 range may be triggered if XRP can maintain momentum past this level. The optimism of investors is demonstrated by the fact that 25% of users in Santiment's survey still think a $3.00 breakout is possible.
Valeria BlokhinaIt will take strong buying pressure and favorable market conditions to break above this level, though. XRP may gain from a resurgence of interest if Bitcoin and the larger cryptocurrency market continue to exhibit strength. On the downside, a more severe retracement toward $2.00 or even $1.85 might occur if XRP is unable to maintain above $2.30.
Alex DovbnyaThis would suggest that any prospective move toward $3.00 is being postponed as the bullish momentum is waning. XRP is still in a crucial consolidation phase, and $3.00 acts as both a technical and psychological barrier. To confirm this bullish sentiment, the asset must make a significant push above $2.70, even though 25% of traders are still hopeful about a breakout. To find out if XRP can finally hold back this long-awaited price level, traders should keep an eye out for volume spikes and general market trends.
Dan Burgin
Vladislav Sopov