XRP is making a strong comeback with a price jump of 6.83% in just one day. With such a movement, there has been speculation that the price may reach $3.
At the time of writing, XRP is trading at $2.38. The price is 38.89% lower than its all-time high of $3.84, set on January 4, 2018. Notably, the XRP price has increased by almost 300% in 30 days.
Ripple made a significant bullish recovery after trading in the negative zone for two consecutive days. Currently, XRP is the fourth largest cryptocurrency, with a market capitalization reaching $134.55 billion.
The Moving Average Convergence Divergence (MACD) histogram is growing red, with its averages indicating bearish convergence on a daily basis. This demonstrates an increase in selling pressure for altcoins.
On the other hand, the Simple Moving Average (SMA) on the XRP price chart shows a negative curve, indicating a bearish prognosis for the altcoin in the near future.
If buyers (bulls) take control again, XRP’s price may reach its resistance level of $2.50, with a further potential to touch $3. Staying above that level might push this altcoin to a new 52-week high this month.
On the other hand, if the bears get traction, Ripple might fall to its support level of $2.25. If the bulls further fail to regain momentum, it might fall below $2.
Also Read: XRP Price Eyes $2 Support Level Amidst Market Correction
