The cryptocurrency market has seen increased stagnation take place in recent weeks. However, that could be set to turn the corner soon, with one of its most promising assets poised to get a bump. Indeed, Ripple (XRP) may be poised to target the coveted $3 level, and it may happen sooner than investors think.
The last week has seen the cryptocurrency sector fail to form any kind of upward momentum. Bitcoin has fallen firmly to the $105,000 level after reaching a record high just weeks ago. Yet, there may be an increase forming for the asset class, with one token in particular expected to rally.
Also Read: Ripple: 3 Ways XRP Could End Dollar Dependence in Trade
Ripple to $3: Why XRP May Be Set to Surge Sooner Than You Think
It has been a rather troublesome few weeks for XRP and its investors. The token was settled at a price of $2.17 on Friday and has been unable to find any firm momentum upward. The token is up just 2% over the last 30 days, according to CoinMarketCap. Moreover, it was down less than 1% in the last week.
However, the cryptocurrencies’ fortunes may be set to change. Indeed, Ripple’s native token XRP may be preparing to ride a wave toward $3, and it could happen sooner than any cryptocurrency investors are expecting.
Also Read: Ripple: Someday, XRP Will Hit $10 — Will You Be Ready?
According to recent analysis, XRP has shown a falling wedge pattern on its weekly chart. This is critical as it shows Ripple is facing a key resistance at the upper trendline around $2.43. IF it can form a weekly close at this level, optimism abounds for 45% upside. That would see the crypto reach heights of $3.20.
Additionally, its daily chart is showing an ascending triangle pattern forming. For this to actualize, it would have to close above the $2.60 resistance line. Yet, if it can achieve this, the token could be set for a target at the $3.50 level, with 60% gains in store for investors.
Altogether, it boasts some important technical realities that show positive momentum is not only possible but could be on the horizon. Although it has struggled with upward momentum, it has found consistent support among traders. This provides optimism that, even if it can’t break through those resistance levels, it is protected from notable declines in value.
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