Key Insights
- •XRP price soars despite the broader crypto market staying in the red.
- •Analysts stated that Ripple must break a key resistance level to continue its upward run.
- •An XRP ETF approval and the upcoming Fed rate cut could help the crypto reclaim the $3 mark.
XRP price has added more than 1% today, indicating renewed investor confidence in the asset. It is noteworthy that the Ripple coin has remained in the green, despite top coins including BTC and ETH struggling in negative territory at the same time.
However, despite the optimism, the asset appears to still be facing challenges in breaking through a key resistance level. Market pundits have noted that to reclaim the $3 mark, the crypto must break through the resistance at $2.75.
Experts are still anticipating an XRP price run to double-digit figures in the current cycle. Let's explore the latest price movements of Ripple coin and 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 increased trading activity in the market, which might contribute to further gains.
Meanwhile, this 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 investors are shifting their focus towards XRP, especially amid positive developments in the market. All eyes are now on the US Fed rate cut decision, scheduled for October 29.
Lower interest rates are expected to boost the appeal of digital assets, resulting in a surge in their prices. Additionally, recent approvals of altcoin ETFs, such as those for Solana, Hedera, and Litecoin, have further bolstered market sentiment.
The market is now also anticipating a potential approval of a 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 remaining in positive territory, market watchers appear to be staying on the sidelines. This indicates that investors might be looking for further cues on the Ripple coin’s potential future movements before making significant investments in the asset.
In this context, experts have shared their outlook on the crypto's future. In a recent analysis shared on X, expert CRYPTOWZRD noted that the major support for XRP currently lies at $2.62.
However, to continue its upward trajectory, XRP must challenge the key resistance at $2.75, a level the crypto has struggled to reclaim since the October 10 crash.
Furthermore, the expert noted that if the $2.62 support fails, it could trigger another selling pressure, potentially driving its value down to $2.27.
Analyst EGRAG CRYPTO also highlighted similar key levels to watch for the asset's future trajectory. His chart suggests that XRP price must break through the region between $2.70 and $2.75 to continue its bullish run.
Can the Momentum Sustain for Ripple Coin?
XRP price was not an exception to the bearish scenario that saw all top cryptocurrencies experience a significant crash this month. However, recent momentum has allayed some concerns, providing relief to traders regarding a potential recovery.
Additionally, optimism surrounding a potential XRP ETF approval is also prevalent in the market. Notably, pro-XRP lawyer Bill Morgan recently highlighted the surge in HBAR price following its ETF launch news.
By referencing Hedera's double-digit gains, the lawyer hinted at a similar movement for XRP price once the Ripple ETF receives regulatory approval.
The anticipated 25 basis point Fed rate cut could also contribute to an upside for risk-bet assets like cryptocurrencies.
However, traders should closely monitor XRP price movements for now. As experts have noted, a break above $2.75 could trigger another run for Ripple coin towards $3, but losing the support at $2.6 could worsen the scenario.
Investors should exercise caution, especially amid the ongoing volatility in the broader market.