XRP Price Forecast: Can XRP Price Surge Past $3 Amid SEC Developments?
Over the past few months, the XRP price has seen a remarkable uptrend after breaking out of a long consolidation phase. Despite previous speculation that the token was on the decline, XRP experienced a 500% surge followed by a 30% correction. The recent bullish momentum suggests a potential reversal is on the horizon.
Recent news of the SEC acknowledging the filing for the 21Shares spot XRP ETF has sparked increased institutional interest in the third largest cryptocurrency. This, coupled with the approval of ETFs and the integration of real-world assets on the XRP ledger, has led to a 10% surge in the XRP price. With the SEC currently reviewing proposals for XRP & DOGE ETFs by Grayscale, could this news propel the token above the $3.2 mark?
XRP Price Analysis: Will XRP Price Reach $3?
Over the past week, the XRP price has risen by over 15%, climbing from $2.30 to $2.80. While a breakout from the upper range is necessary to maintain the upward momentum, the recent failure to sustain daily highs may indicate weakness among the bulls in the short term. Analysts like ALI have pointed out a potential small correction in the near future as the TD sequential indicator signals a sell-off following a 22% price surge.
With the XRP price struggling to break above $2.8 and the stochastic RSI showing bearish signals, a potential pullback to $2.5 is likely in the near term. Despite these short-term challenges, the SEC’s consideration of the XRP ETF marks a significant milestone for Ripple, potentially driving adoption and institutional interest.
Many experts believe that XRP could soon overtake Ethereum as the second-largest cryptocurrency, citing Ethereum’s struggles with inflation and centralization. This positions XRP as a strong contender for the top spot after Bitcoin. The overall outlook for XRP remains bullish, despite potential short-term setbacks.