XRP Price Eyes $3 Rally As Brad Garlinghouse Shares Key Ripple Update
The global crypto market has lost more than 1% today, with the XRP price continuing to move south. During writing, Ripple’s coin was down more than 2% but maintained its $2.20 support.
Despite that, the analysts have offered a bullish outlook on the future trajectory of the coin. However, to sustain a positive momentum, potentially to hit $3 again, the crypto must clear crucial resistance ahead.
So, let’s take a look at how the crypto is performing now. Besides, we would also discuss the crucial resistance and support levels to watch for the XRP price, which the analysts have highlighted recently.
XRP Price Slips: Can it Make a Comeback?
XRP price slipped 2.7% during writing on Friday and exchanged hands at $2.23. Its one-day trading volume also plunged nearly 27% to $3.15 billion, reflecting the lesser trading activity in the market.
It’s worth noting that XRP Futures Open Interest also fell about 4%, indicating a waning interest of the market participants towards the asset.
The latest plunge has extended its monthly losses to around 1.2%. However, despite the gloomy momentum, the crypto’s weekly performance stayed in the green, with a gain of over 6.5%.
Notably, the crypto has also touched a 24-hour high of $2.31 and a low of $2.21, suggesting a highly volatile trading scenario.
Meanwhile, the relative strength index or RSI for Ripple coin was around 53 during writing. This indicates that the XRP price momentum is shifting towards the buying side, which might also aid in a potential uptrend in the coming days.
Key Levels to Watch for Ripple Price
As the XRP price breaks through the brief $2.3 support in the last 24 hours, the market pundits have shared mixed insights.
For context, popular crypto market expert Ali Martinez recently said that Ripple’s coin is likely “forming an inverse head and shoulder pattern.”
He has highlighted the $2.3 level as a crucial level for the crypto’s upcoming rally. Notably, Martinez noted that if this pattern comes true, XRP price could be gearing up for a 15% breakout, potentially to $2.65.
Meanwhile, a recent report on Ripple’s coin also showed that the crypto must hold the $2.16 support and breach the $2.25 resistance to continue its upward move.
Having said that, the investors are keeping close track of whether the crypto might break the $2.3 resistance level ahead.
On the other hand, analyst Dark Defender has also shared a price target for the asset, citing historical trends.
He said that XRP price is mirroring its February 2023 movements, which indicates that the crypto has found its support at $2.22 and $2.07.
Besides, he noted that to witness a robust surge ahead, potentially to $3, Ripple’s coin must breach the resistance at $2.33 and then at $2.46.
The discussions over a potential XRP price recovery soared as Ripple CEO Brad Garlinghouse sparked market optimism with a recent comment.
Garlinghouse recently confirmed that Ripple is applying for a national bank charter from the OCC, which would provide both state and federal oversight.
This move is seen as a positive development for the company and the XRP market, as it would allow Ripple to hold $RLUSD reserves directly with the Fed and provide an additional layer of security.
The application for a Fed Master account via Standard Custody further demonstrates Ripple’s commitment to building a trusted and secure infrastructure.
As Congress works towards clear rules and regulations, Ripple’s proactive approach to compliance is likely to boost investor confidence.
The $250 billion stablecoin market is expected to benefit from Ripple’s focus on regulation and security.
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