Ripple’s XRP token seems to be facing some resistance at the $2.90 price level. CoinGecko data shows that XRP has rallied 2.3% in the last 24 hours and 5.6% over the previous week. However, the asset has faced a 3.6% correction in the 14-day charts and a 12.5% correction over the past month. In this price prediction article, let’s discuss XRP’s chances of reclaiming the $3.50 price point if it breaks past its $2.90 resistance level.
XRP Price Prediction: Is $3.50 Around The Corner?
According to CoinCodex analysts, XRP’s price will oscillate between around $2.80 and $3.20 over the coming weeks. The platform anticipates XRP to hit $3.41 on Nov. 26. Hitting $3.41 from current price levels will entail a rally of nearly 18%. CoinCodex does not expect XRP to hit the $3.50 mark just yet.
Changelly presents an even more bearish outlook for XRP. The platform does not expect XRP to breach the $3.50 mark anytime before March 2027, about six months from now.
Will ETFs Push The Asset To $3.50?
There are a few developments that could help propel XRP’s price beyond the $3.50 mark. Firstly, there is a very high chance that the Federal Reserve will cut interest rates by 25 basis points in September. A rate cut may lead to a surge in risky investments. XRP and the larger crypto market could greatly benefit from an interest rate cut.
Also Read: Is XRP Finally a Commodity? What’s the Latest Court Ruling
Secondly, the SEC may approve a spot XRP ETF sometime this year. An ETF approval will most likely lead to a surge in institutional investments for the asset. Institutional money has been a central driver behind Bitcoin (BTC) and Ethereum’s (ETH) rise to new all-time highs this year. A similar pattern could emerge for XRP as well.
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