With the 8% surge in Bitcoin driving the prices to $90,200, XRP witnesses a 5.66% surge nearing a $2.50 psychological mark. The third biggest cryptocurrency maintains a market cap of $144 billion.
With the newfound bullish momentum, the altcoin hints at a new recovery run as the broader market recovers. Will this recovery result in a breakout rally to reach the $4 psychological milestone? Let’s find out.
XRP Price Recovery Eyes $4
In the daily chart, the XRP price trend showcases a bullish reversal from the $2.00 psychological mark. The altcoin has managed to sustain dominance at this psychological level, with a critical demand zone present at $2.10.
This demand zone coincides with the 23.60% Fibonacci level. Currently, the XRP price takes a bullish reversal from this critical demand zone. On March 4, the altcoin price jumped from a 24-hour low at $2.21 and is now extending the short-term recovery.
The altcoin price also maintains dominance above the 100-day EMA line. Currently, the recovery run in the altcoin hints at a potential Morningstar pattern to reach the overhead ceiling close to $3.30.
XRP Price Targets
The XRP price action reveals an ascending, broadening wedge pattern at play. With a bounce back from local support, the uptrend in the altcoin will likely reach the overhead trendline.
Considering the broader market stabilizes, the uptrend in the altcoin could reach the overhead trendline close to the $4 psychological mark. On the flip side, the crucial support for XRP remains at the $2.10 demand zone followed by the 200-day EMA at $1.83.
Analyst Reveals 620% Rise in Active Addresses
Adding to the chances of a bullish recovery, analyst Ali Martinez highlights a surge in XRP’s active addresses. Based on the data from Glassnode, Ali Martinez highlights a massive surge in the number of active addresses.
The data has skyrocketed by 620% over the past week. It reflects a surge of active addresses from 74,589 to 462,615.
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