XRP surged from $2.21 to a high of $2.87 on Monday. Its breakout above $2.80 sees it edge closer to $3.
The altcoin has been on the uptrend for most of the previous thirty days, registering massive increases each. The one-week period suggests it had no negative week in November, and many anticipate the trend continuing.
XRP’s trading actions over the last three days were some of the biggest. It opened Nov. 29 at $1.54 and broke above $1.80 for the first time in years. It closed with gains exceeding 16%. The next day, it gained 8%, edging closer to $2.
The altcoin opened the previous intraday session at $1.95 and surged to a high of $2.35 after breaking above $2 for the first time in almost three years. Its latest surge saw it climb the market cap ranks, flipping BNB and Solana.
The now third-largest cryptocurrency by market cap is at a crossroads, and the question of where prices will go raises hot debates.
What Proponents Believe
The asset has since seen massive hype following its most recent surges. It is trending in many countries and gaining more followers. While many are thrilled about the latest pumps, some suggest that the uptrend may continue as some addresses are just breaking even after two cycles.
The cryptocurrency trades at less than 30% from its all-time high. Comments on X suggest massive anticipation at the coin hitting $3. A sweep through other social media platforms shows massive bullish sentiment among traders.
Onchain metrics point to the whale interest in the asset. They bought 679.1 million tokens, and many large wallets now hold between 1 million and 10 million XRP. These holdings, currently worth about $1.66 billion, show how vital big investors have been to XRP’s recent positive performance.
One reason for the growing optimism is bullish fundamentals. The latest rise suggests many believe the spot ETF approval will happen. Several Wall Street analysts say the odds of the SEC giving a nod have significantly increased.
The Ripple Network is in talks with several agencies and central banks to help facilitate services. The growing utility builds more confidence in the asset.
A Greater Chance at $3
The growing bullish sentiment points to the asset flipping $3. With its latest surge, it edged closer to the mark, increasing its chances. The chart agrees with these claims.
XRP is currently experiencing peak volatility and buying volume. The relative strength index (RSI) has been above 70 since Nov. 11 and has been on an uptrend. It rose to 93 on Nov. 16 and had a slight pullback before continuing the uptrend. RSI is at 94 at the time of writing, suggesting a possible correction in the coming days.
Nonetheless, the third-largest cryptocurrency maintains its bullish stance in the long term. The moving average convergence divergence displayed a positive interception a few weeks ago and has since maintained its trajectory. XRP had a golden cross a few days ago on the one-day timeframe, solidifying its bullish stance.
The Bollinger bands point to an impending pullback. The altcoin surged above them during the previous intraday session. This phenomenon happens when an asset sees peak buying pressure and is due for corrections.
The third-largest cryptocurrency had another bullish event on the one-week chart. A closer look shows the 50-week moving average intercepting the 200-week MA from below. The second largest altcoin is having a golden cross on this timeframe for the first time since 2021.
All highlighted metrics indicate a greater chance of a notable pullback in the coming days. Nonetheless, XRP will surge above $3. The following 24 hours will dictate if the corrections happen before or after it breaks this critical mark.
The Fibonacci retracement level suggests a possible decline to $2.30. The pivot point standard hints at notable demand concentration at $2.45.
