Key Insights:
- XRP price soars despite the broader crypto market staying in the red.
- Analysts said that Ripple must break a key resistance ahead to continue its upward run ahead.
- XRP ETF approval and the upcoming Fed rate cut can help the crypto reclaim the $3 mark.
XRP price has added more than 1% today, indicating renewed investor confidence in the asset. What’s worth noting is that Ripple coin has stayed in the green, despite top coins including BTC and ETH struggling in the negative territory at the same time.
However, despite the optimism, it seems that the asset is still facing challenges to break through a key resistance level. Notably, the market pundits said that to reclaim the $3 mark, the crypto must break through the wall at $2.75.
It’s worth noting that experts are still anticipating an XRP price run to double-digits in the current cycle. So, let’s explore the latest price movements of Ripple coin and see what may lie ahead for the asset.
XRP Price Defies Broader Market Trends
XRP price was up around 1.5% today and stayed above the $2.65 mark during writing. Its trading volume also soared 7% to $4.66 billion, suggesting an increased trading activity in the market, which might help in further gains.
Meanwhile, the surge comes despite the broader crypto market struggling in the red. During writing, the global crypto market cap lost 0.8% to $3.85 trillion, with BTC and ETH prices recording marginal declines.
This suggests that the investors are shifting focus towards the asset, especially amid the positive developments in the market. For context, all eyes are now on the US Fed rate cut decision, scheduled for October 29.
The lower rates are expected to boost the appeal of the digital assets, resulting in a surge in the assets’ prices. In addition, the latest approvals of the altcoin ETFs like Solana, Hedera, and Litecoin have further bolstered the market sentiment.
Now, the market is also betting on a potential approval of the Ripple ETF. This development could further help drive the XRP price to new heights once approved.
Key XRP Price Levels to Watch
Despite XRP price staying in the positive territory, the market watchers appear to be staying on the sidelines.
In other words, the investors might be looking for further cues on the Ripple coin’s potential future movements before putting heavy bets into the asset.
Amid this, experts have stepped in, revealing what could be next for the crypto. In a recent analysis shared on X, expert CRYPTOWZRD noted that the major support for XRP lies at $2.62 for now.
However, to continue its upward trajectory, it must challenge the key resistance at $2.75, which the crypto has struggled to reclaim since the October 10 crash.
Besides, he noted that if the $2.62 support fails, it could trigger another selling pressure, potentially taking its value to $2.27.
Analyst EGRAG CRYPTO also highlighted the same levels to watch ahead for the future trajectory of the asset.
His chart suggests that XRP price must break through the region between $2.70 and $2.75 to continue its bullish run ahead.
Can the Momentum Sustain for Ripple Coin?
XRP price was no exception when it came to the bearish scenario, where all the top cryptocurrencies recorded a massive crash this month. However, the recent momentum has allayed some concerns, providing relief to traders over a potential recovery ahead.
In addition, the optimism over a potential XRP ETF approval is also hovering in the market. Notably, pro-XRP lawyer Bill Morgan has recently highlighted the surge in HBAR price after the ETF launch news.
Sharing the double-digit gains in Hedera’s value, the lawyer hinted at a similar movement for XRP price once the Ripple ETF gets the green light.
The anticipated 25 bps Fed rate cut might also help in an upside for the risk-bet assets like cryptocurrencies.
However, traders must keep a close track of the XRP price movements for now. As the experts noted, a break above the $2.75 could trigger another run for Ripple coin to $3, but losing the support at $2.6 could worsen the scenario.
Having said that, investors should exercise caution, especially amid the ongoing volatile scenario hovering in the broader market.