With Bitcoin gaining momentum, XRP has surged nearly 20% over the past 24 hours. Currently, XRP trades at a market price of $2.69 and holds a market cap of $156 billion.
As the third-biggest cryptocurrency, it is aiming for a massive surge with the crypto market recovery. Will this bullish turnaround drive the altcoin prices beyond the $3 psychological mark? Let’s find out.
XRP Price Analysis
In the daily price chart, XRP showcases a bullish turnaround from the 50% Fibonacci level. Taking an early reversal with a lower price rejection, it bounces off with a low at $1.94.
The bulls maintain dominance above the $2.00 psychological mark and lead to a lower price rejection. The reversal in the XRP/USD price exceeds the 28-23.6% Fibonacci level at $2.63.
Furthermore, the bullish turnaround gained momentum with a massive 34% surge last night. This created a bullish engulfing candle undermining the prevailing downfall.
Additionally, the bullish recovery surpassed the local resistance trend line. Currently, it also showcases an intraday pullback of 8.53% with a 24-hour low at $2.52.
The lower price rejection in the intraday candle comes as the post-latest reversal of the broken resistance trend line. Furthermore, the lower price rejection reveals bullish support at the 23.6% Fibonacci level.
Will XRP Price Cross $3?
Supporting the chances of a post-latest reversal, the MACD and signal line give a bullish crossover with a surge of new positive histograms. With the inclusion of XRP in the U.S. Strategic Crypto Reserve as announced by President Donald Trump, the bullish momentum in the altcoin has skyrocketed.
Based on the Fibonacci levels, the uptrend in XRP is expected to reach the $3.29 overhead ceiling. Beyond this, the pivot point standard projects a price target at $3.63, followed by the $4.19 mark. On the flip side, the crucial support level for the altcoin remains at $2.60 and $2.22.
