The recent market sentiment signals a potential “buy signal” for the asset.
XRP price has revolved around the $3 orbit for some time, with robust gains over the past few days. However, failure to hold the $3 support has fueled speculations on the potential future movements of the Ripple coin.
While the market experts have shared bullish forecasts, the recent dip below the $3 mark has weighed on the market sentiment. Many are also questioning if the crypto could continue its upward run in the coming days or if a pullback is imminent.
However, looking at the positive momentum in the broader crypto market, with BTC price touching a new high over $126k recently, the future movements look promising. Amid this, the market pundits have shared key levels to watch ahead for the asset, which might help boost the XRP price to $4.
On the other hand, recent market developments also indicate that the Ripple coin is poised for a run to the north. So, here we explore the key support and resistance levels for XRP and see how the recent market trends could boost its value ahead.
Ripple coin price has recorded a plunge of around 1% today and slipped to $2.97, losing the key support level at $3. However, it’s worth noting that the crypto has touched a 24-hour high of $3.05 before witnessing the current pullback.
Despite staying in the red currently, XRP price has managed to add around 4.5% in the weekly chart, while soaring around 5% over the last 30 days. This reflects how the market participants were actively betting on the asset, amid a broader crypto market rally.
Meanwhile, it’s worth noting that a flurry of analysts have said that this is just the start of the altcoin season. In other words, it indicates that the altcoins like XRP, Solana, Cardano, and others have more space to go in the upward direction.
On the other hand, the XRP ETF decision is pending later this month. If approved, the investment instrument could further bolster the market sentiment, potentially driving its price to a new milestone target.
Simultaneously, the derivatives data points to a still bullish trajectory hovering in the market. For context, the XRP Futures Open Interest soared more than 3.5% to $9.25 billion despite the recent pullback in its value.
Amid the topsy-turvy scenario in the broader Ripple market, the market pundits have continued to gain traction.
In a series of recent analyses shared on crypto Twitter, the experts have flagged the key XRP price levels to watch ahead.
For context, in a recent X post, analyst Ali Martinez said that after $3, the next major resistance for the asset lies at $3.15.
However, he noted that once the crypto successfully breaches that level, it could potentially target $3.4 and then $3.6.
Meanwhile, market pundit Lark Davis has shared a further bullish scenario for XRP price. He noted that if XRP price successfully makes the $2.97 level as its support, it could target the $4 mark ahead.
However, he also warned that if it fails to hold this key support, it could find another backing at $2.94 level. Considering that, investors should keep a close track of the $3 and $3.15 mark for the next potential movement of the coin.
Talking about the latest market trends, on-chain analytics firm Santiment said that Ripple coin is seeing its highest retail FUD in the last six months.
In addition, the platform also noted that there are “more bearish comments than bullish” for the asset, which is typically a good sign.
This, which Santiment cited as “a promising buy signal,” indicates that the crypto is poised for a continuing rally ahead.
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