- A return to $3 with about 9% gain in under 48 hours signals uptick of bullishness. But can XRP price sustain the gains in the current market?
XRP price outperformed the broader crypto market on Monday, surging by more than 4% in the intraday session and retesting the psychological $3 mark. With that, the coin is on course to register the second successive daily gain, with nearly 9% uptick in that time. That beats market bellwether Bitcoin’s gains of less than 5% during that period. The RSI on the daily time frame is at 51, indicating neutral-to-bullish conditions.
After Bitcoin’s decline by more than 4% in the last week, the current crypto market sentiment is largely bearish-leaning. Therefore, despite XRP price return above $3, a break below that level could potentially disrupt the sentiment and shift the momentum to the downside. Notably, XRP trading volume declined by 26% in the last 24 hours, indicating declining buyer appetite amidst the price rise. This raises the prospect of near-term decline.
Looking forward, XRP price performance will likely be hinged to ETF approval. Analysts opine that the coin, alongside Solana and Cardano stand the highest chance of getting their spot ETF applications approved in the third quarter of the year. That could potentially bring institutional inflows akin to the levels seen by Ethereum. This outlook will provide near-term support for XRP price and could prevent the onset of bearishness.
XRP Price Prediction
XRP price pivots at $3.02 and action above that level favours the buyers to be in control. That will likely see initial resistance encountered at $3.08. Breaking above that level will signal a stronger momentum that could push gains higher to test $3.12.
On the other hand, breaking below $3.02 will favour the sellers to take control. In that case, the coin will likely find initial support at $2.98. The upside narrative will be invalid if the price breaks below that level. Furthermore, an extended control by the sellers could push the XRPUSD pair lower to test the second support at $2.94.
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