Ripple’s XRP cryptocurrency is eying yet another surge in the next cycle, perhaps inching towards a new all-time high. The XRP token is currently among the best-performing cryptocurrencies in the top 100 projects. Particularly, the coin is outshining Bitcoin (BTC) and Solana (SOL) in the daily and weekly charts. XRP has rallied 10% in the daily charts, 16% in the weekly charts, and 409% in the yearly charts.
XRP’s latest rally is likely due to the US SEC accepting Grayscale’s 19b-4 application to convert their XRP Trust Fund into an ETF. The move may have led to a rise in investor sentiment. The SEC’s Bitcoin (BTC) ETF approval last year led to the underlying asset hitting a new all-time high. Investors probably anticipate a similar pattern for XRP. The SEC has accepted the application to convert the trust into an ETF. The move does not mean that an ETF has been approved for trade.
With the coin on the upswing, investors and market experts suggest that Ripple’s XRP could be preparing for a surge. Market sentiment around Ripple’s altcoin is bullish, and recent price predictions are up from predictions of old. Currently trading over $2.70, XRP is showing upward momentum. The altcoin has key resistance levels at $2.75 and $3.40, potentially surpassing $3.00 soon. Now that the asset has breached the lower level, $3 is the next target, with $3.40 expected after. This number could be hit in the next few weeks amid an ongoing market climb.
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Market analyst Egrag Crypto says that Ripple XRP is currently in the midst of an M-shaped pattern, with the lows starting to rise. He went further explaining that contracted parties like the market makers who how to use leveraged positions to bring about changes can lead to fluctuations and confusion. These factors can sometimes skew the charting data hence the importance that the traders have to be aware of how these players influence the XRP altcoin. This perspective is an extension of the traditional technical analysis approach. For the bulls to hold the stand and a clear confirmation of the bull’s breakout then the coin must remain above the $2.75 mark. Failure to do so could push the price back down and restrict any immediate increase.
According to CoinCodex, Ripple XRP will consolidate around current levels till early April before rallying. The platform anticipates the asset to hit the $3.2 mark on April 10. CoinCodex predicts XRP will hit a new all-time high of $4.37 on April 15. Hitting $4.37 from current price levels will entail a rally of about 70%.
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