XRP Price on Verge of Major Milestone, Is $3 Imminent?

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As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I must admit that the current surge in XRP price has caught my attention. Having witnessed numerous bull and bear runs, I can sense the potential for this coin to reclaim the $3 price level.

The digital currency landscape is showing signs of revival, and XRP, linked to Ripple Labs, has been garnering attention. Over the last day, its value has risen by approximately 5.99%, reaching $2.46. This surge has kept XRP among the top 10 valuable assets, with potential to surpass crucial resistance levels again.

XRP to reclaim $3 price level?

Over the last month, XRP’s price has seen some remarkable increases and setbacks. Initially, it dropped to around $0.7726, but then surged up to nearly $2.86, just shy of its historic $3 barrier. Recently, XRP has been in a holding pattern, yet it’s clearly aiming for a significant price breakthrough.

Lately, the value of XRP has been tested and managed to hold steady despite hitting new lows, creating a strong support barrier near the $2 price level. In the midst of the overall market turbulence, there have been significant attempts to sell off XRP, with the cryptocurrency experiencing intense selling pressure on at least two separate occasions over the past three weeks due to heavy liquidations.

Despite facing challenges, XRP has shown strength as key on-chain indicators remain optimistic. At present, the trading volume for XRP is surging by nearly 10%, amounting to over $10 billion worth of coins exchanged in a day. Given its recovery potential, it seems plausible that the coin may yet reach the $3 mark once more.

Bullish fundamentals to watch

With anticipation for potential changes in U.S. laws, numerous asset managers have submitted requests for a traditional XRP Exchange-Traded Fund (ETF). If this application is granted, the XRP ETF would make it possible for more investors to access XRP within a regulated framework.

In a similar fashion, this product might stimulate a significant increase in investment towards XRP, just like it did with Bitcoin and Ethereum. This could potentially elevate the coin’s value over the long term.

Simultaneously, Ripple Labs Inc. has obtained approval from the New York Department of Financial Services (NYDFS) to introduce the RLUSD stablecoin. This move could enhance the liquidity of XRP, potentially increasing its value as well.

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2024-12-14 15:11