By Nermeen Nabil Khear 
Crypto analysts suggest that the XRP price is nearing a breakout zone following an influx of institutional investors. The next point for the asset is the $2.77 mark, leading to higher price action. Recently, digital asset whales picked up huge holdings after the approval of spot XRP ETF in Brazil amid calls for similar action in the United States. While most assets remain bearish, the XRP Army maintains above-average confidence levels of a reversal.
Will XRP Price Move To $5?
Recent market headwinds have placed XRP at a critical point after failing to break the resistance. According to crypto enthusiast Dark Defender, the $2.6 zone will play a major role in determining if the asset enters the next phase of price recovery. This month, XRP price reclaimed the zone after a drop from $3 due to the wider market decline. The fall tumbled previous projections, pushing down support levels.
At press time, XRP trades at $2.35, an 18.2% decline today and 8% over the last seven days. For the analyst, holders’ efforts to retest the $2.6 level will set the tone for more bullish traction. The Relative Strength Index and other technical indicators indicate a growing demand for XRP among institutional wallets. These factors have led to a bull range above $5 for the asset.
“Hi all. #XRP reached another decision point where $2.6052 plays a crucial role. Above this level and significantly above $2.77, the 2nd leg of the bullish weekly structure is expected to continue. RSI and price have higher lows, so we can expect a positive break. The key is to monitor the $2.60 level, where XRP is just under this level. Supports: $2.33, Resistances: $2.60, $2.85, $5.85.”
Traders Tip Larger Movements
Generally traders set $5 as the bull peak for XRP although mega bulls have set a long-term price target above $60 citing a growing demand in multiple markets. In an X post, EGRAG Crypto explained that a bullish scenario will end in a price action as high as $67. Major signals to look out for are the anticipated approval and performance of spot XRP ETFs in the United States.
Often compared with Bitcoin products, an XRP ETF might replicate similar success due to growing institutional appetite. Whales continue to accumulate assets after peaking on the cards.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.