XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,904,303,191,698	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,904,303,191,698

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-390.25	-0.40%	96,286.04	96,286.04	96,286.05

Price Change

Price Change %

Current Price

Bid Price

Offer

-390.25

-0.40%

96,286.04

96,286.05

High Price	Low Price	Open Price	Prev. Close	52 Week Range
96,916.07	96,171.20	96,638.43	96,676.29	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

96,916.07

96,171.20

96,638.43

96,676.29

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:36:10	0.000197	96,275.45	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:36:10

0.000197

96,275.45

USD

Price x Volume	Volume	Base Symbol	Related Pairs
29,085,852.83	301.21	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

29,085,852.83

301.21

XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets

04/12/2024 2:00pm

NEWSBTC

XRP, the third-largest cryptocurrency by market capitalization, has recently outperformed the top ten cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This significant momentum comes as investor sentiment grows in anticipation of clearer regulatory frameworks in the United States, especially following Donald Trump’s election. In addition, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his departure effective January 20, which many believe could pave the way for increased adoption and institutional investment in XRP. This could be achieved through the XRP exchange-traded fund (ETF) market, which is being pursued by asset managers such as Canary Capital, Bitwise, WisdomThree, and 21Shares. With the change in leadership at the agency, the odds of approval continue to rise, especially as the pro-crypto nominee to replace Gensler, Paul Atkins, is shaping up to lead the new era of regulation in the country. Key Fibonacci Resistance Ahead For XRP Over the past thirty days, XRP has experienced a remarkable surge of 400%, culminating in a six-year high of $2.91 reached over the past weekend. This surge has been further supported by a substantial increase in market capitalization, which has risen by $120 billion in the last three weeks, bringing XRP’s total market cap to approximately $140 billion. Related Reading: Analyst Says Dogecoin Price At $1.3-$1.5 Is Still Possible, Here’s Why Despite these encouraging trends, crypto analyst DarkDefender has emphasized the importance of monitoring specific price levels in the coming days. In a recent social media post on X (formerly Twitter), he detailed critical Fibonacci levels for XRP. The analyst identified $2.92 as a significant Fibonacci resistance level, noting that XRP briefly reached $2.90 before experiencing a “normal corrective phase.” DarkDefender highlighted the necessity of holding certain support levels, particularly $2.13 and $1.88, if XRP cannot break through the $2.92 resistance. The analyst expects that the token could bounce between these levels for a “few days,” but if the token breaks above $2.92, it could target a new mid-range level of $3.99. This would mean a new all-time high for the token above its current record mark of $3.40, in the scenario that the token rises 59% as expected by DarkDefender. Trading Volume Surges Past Bitcoin And Ethereum Adding to the positive outlook, financial analyst Jacob King pointed out a historic milestone for XRP: during the current uptrend, XRP’s trading volume has surpassed the combined volumes of Bitcoin and Ethereum for the first time. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout Over the past 24 hours, XRP’s trading volume reached an impressive $2.19 billion, significantly higher than Bitcoin’s $1.6 billion and Ethereum’s $531 million, underscoring the heightened interest from investors in the XRP token. At the time of writing, the market’s third largest token trades at $2.50, recording a 7% correction in the 24 hour time frame. Featured image from DALL-E, chart from TradingView.com

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