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The digital currency ecosystem is in recovery mode, with the XRP price in the spotlight. Over the past 24 hours, the Ripple Labs-associated coin has jumped by 5.99% to $2.46. With this uptick, the coin remains one of the top 10 assets with immense prospects to reclaim key resistance levels.
XRP to reclaim $3 price level?
The price of XRP has both impressed and suffered a blow over the past month. From a low of $0.7726, the coin jumped as high as $2.86, short of the historic $3 resistance. With the coin entering a consolidation phase over the past few weeks, the coin is pushing for a major breakout.
Recently, the XRP price has retested and survived new price lows, establishing a solid support wall around the $2 price mark. Amid the uncertainty in the broader market, XRP has recorded some intense sell-off attempts as the market battled intense liquidations on at least two occasions over the past three weeks.
However, XRP has stayed resilient, with core on-chain metrics staying bullish. As of writing, the XRP trading volume is up 9.33%, with over $10 billion coins traded in 24 hours. With the coin’s rebound potential, chances of finally retesting the $3 horizon remain visible.
Bullish fundamentals to watch
Amid the expectations of a change in regulations in the United States, many asset managers have filed applications for a spot XRP ETF. If approved, the XRP ETF product will open XRP to more investors under regulated conditions.
Just as this product triggered an intense capital influx into Bitcoin and Ethereum, it may do the same for XRP. It could boost the coin's price in the long term.
Meanwhile, Ripple Labs Inc. has also secured approval to launch the RLUSD stablecoin from the New York Department of Financial Services (NYDFS). This stablecoin is poised to boost the liquidity of XRP, a development that can also boost the coin’s price.