XRP has shown impressive growth in a short amount of time, which has led to high investor expectations. The digital currency skyrocketed almost a third in less than a week. In fact, over the last month, it has jumped up by nearly 40%. Hopefully, market analysts say, this positive momentum portends more to come. All of this comes with the resolution of the ongoing Ripple case looming, adding even more excitement and expectation to XRP’s prospects. The big question is still whether XRP can get to $5 in the upcoming bull run.
XRP's Impressive Gains
Meanwhile, XRP trades between $2.40 and $3.12 illustrating tremendous bullish run-up. As things currently stand, the cryptocurrency’s RSI sits at 65.05, a clear sign of robust buying momentum. This would indicate that XRP is not overly overbought or oversold, giving it room to grow. That recent volatility has understandably rattled investors, who are nervously following its every move.
The cryptocurrency’s astounding gains during the past month only serve to show just how bullish people are feeling on its long-term prospects. Market analysts attribute this increase to a few major drivers. They are citing some bullish indicators across the larger cryptocurrency market and increased optimism related to the Ripple case. The excitement building around a potential positive resolution from the Ripple case has only increased interest in XRP.
Key Resistance Level
Investors are eyeing the $3.41 price point which is seen as the next major hurdle for XRP to overcome. A strong breakout above this 50k level would be an indication of likely continuation to the upside. As the technical analysis indicates, breaking this resistance level may open the path for XRP to retest previous price targets. It is hard to overstate how important overcoming this resistance will be in deciding XRP’s short-term path.
If XRP can generate enough bullish momentum to break above the $3.41 resistance level, analysts expect a rally towards $4.14. Almost 630,000 would be a nearly 30% increase from its all-time high. This kind of spike would surely create even more buzz and bring new waves of investors to XRP. The $4.14 target is an important floor price that many speculators have indicated is a hard sell.
Future Outlook
With the expected resolution of the Ripple case, XRP’s future is looking bright. A positive result would provide a major jolt of clarity to a skittish investor base and help foster further adoption of XRP. Regulatory uncertainty is still a wild card that can affect its price. Resolving the Ripple case is perhaps the most substantial wildcard in the future of XRP.
Whether XRP can ever hit $5 again is an ongoing hot discussion. Although these recent gains and positive momentum are heartening, a few developments will determine its fate as it heads toward this historic milestone. Market conditions and regulatory developments, particularly those affecting cryptocurrency as a whole, will have a lasting impact on XRP’s future. Further, the Ripple case will determine its final trajectory.
