Will XRP Price Rise Above $3 or Remain Within a Range Bound This Weekend?
In the past few months, XRP Price After breaking through the long-term merger, it has shown a huge bullish momentum. When the token is supposedly dead, it made a 500% jump and then a 30% correction. Meanwhile, prices sparked a strong recovery after a bearish start this month, suggesting a reversal is approaching quickly.
In a recent update, the SEC acknowledged the document of the 21shares XRP ETF, highlighting the growing institutional interest that regulates the third largest token in the developing world. As a result, XRP prices experienced a 10% surge, affected by ETF approval news and improved utilities with real-world assets on XRP Ledger. Now that the SEC is reviewing Grayscale’s proposal for XRP & Doge ETF, will this message raise the token above $3.2?
XRP Price Analysis: Will XRP Price Recover $3?
XRP has risen more than 15% over the past seven days, from $2.30 to $2.80, while breaking through from the upper range to maintain a strong uptick. Prices are marked as being higher than the highs in that range every day, but failing to maintain weaknesses between the bulls, which may cause some concerns, but only in the short term. According to popular analysts AliSince the TD sequence indicator is up 22% after the price rises, the price may make smaller corrections in the short term.
In the short term, XRP prices are struggling to rise above $2.8, and as bullish strength seems to have disappeared, the tokens may fall under support, which is a strong resistance. Furthermore, random RSI is also reduced, which supports bearish narratives. So, over the following weekend, the small rebate that appears to be coming to $2.50.
SEC’s consideration of the XRP ETF marks an important milestone for Ripple’s legal journey, potentially increasing adoption and institutional focus. On the other hand, many experts predict that XRP may soon replace Ethereum in the coming days, as the latter is struggling due to inflation and centralization. Therefore, XRP is made a strong competitor and the second largest token after Bitcoin. Therefore, regardless of temporary shortage, the future prospects of XRP remain positive.
