Ripple’s XRP Inches Closer to $3: What’s Driving the Momentum?

Ripple’s XRP Inches Closer to $3: What’s Driving the Momentum?

Ripple’s XRP experienced an exciting week, leaving investors eager for what’s next. Over the past seven days, XRP surged significantly, climbing from a low of $2.52 to touch a high of $2.87. This marks an impressive recovery after a brief consolidation phase. XRP is now trading at $2.81, tantalizingly close to the $3 milestone.

The week began with XRP trading around $2.54, showing minimal volatility. For much of the first half of the week, XRP struggled to gain upward momentum, lingering below $2.60. Market uncertainty seemed to weigh heavily on the token during this period, keeping price movements muted.

Mid-Week Rally Ignites Momentum

However, things took a dramatic turn mid-week as XRP broke past the $2.60 resistance. The surge coincided with increased trading volume and renewed optimism in the broader cryptocurrency market. By evening, XRP had crossed the $2.70 threshold, signaling the start of a bullish trend.

Related article: Ripple’s Comeback? XRP Climbs Amid Market Volatility

This rally wasn’t just about momentum—it was supported by improving sentiment around Ripple’s ongoing legal clarity and renewed investor interest. Traders quickly capitalized on the breakout, propelling the price further.

7-days price chart- source: CoinMarketCap

As the weekend approached, XRP showed no signs of slowing down. Early Sunday saw the token hit a high of $2.87, the highest point in months. This brought it tantalizingly close to its all-time high of $3.84 from 2018. The 27% gap to its record price has now become a focal point for traders eyeing potential gains.

All-Time Perspective

XRP’s meteoric rise over the years is worth noting. From an all-time low of $0.002802 in 2014, XRP has gained an astonishing 99946.39%. With such momentum, it’s no surprise investors are holding tightly. Even with its price still 27% below the all-time high, the bullish sentiment suggests that XRP might challenge its historic peak soon.

Related article: XRP Gains Momentum: Can Whale Buying Sustain a Bull Run?

If trading volume continues to rise, XRP could easily test the psychological $3 barrier in the coming days. However, traders should watch for possible profit-taking that may trigger a slight pullback. In the short term, market sentiment and broader crypto trends will heavily influence XRP’s trajectory.

XRP’s rally this week has reenergized the market, and the token is on the verge of making history again. With strong fundamentals and a supportive community, all eyes are on Ripple as it continues to push the boundaries.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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