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XRP, after witnessing price volatility in the past couple of days, with its value dropping to $2.137, has made a rebound. Data from CoinMarketCap shows the coin has reclaimed the $2.20 price level, representing a 1.75% increase in the past 24 hours.
Market confidence and trading volume surge
This mild rally signals the asset’s resilience in the ongoing cycle. XRP appears to have rediscovered its bullish momentum, as figures show increased investor confidence. Trading volume has soared significantly by 19.58% to $5.59 billion. This comes as traders and investors have rekindled interest in the asset.
XRP had hit $2.2303 during trading in the last 24 hours before settling at the current price level. Analysts suggest that with the asset finding support at this point, its ability to sustain momentum could determine price growth.
Projections of further climbing depend on XRP’s ability to overcome key resistance levels. The $2.30 mark is a significant resistance wall for the coin as investors anticipate higher price levels. However, the XRP chart reveals the asset is still battling bears and is not fully in a consolidation phase that could serve as a base for higher levels.
With market volume on an upward trajectory, this could support the crypto to new heights. A sustained momentum from market participants might push XRP to flip the $2.30 point as it seeks to continue its impressive performance in this bullish market cycle.
Challenges and opportunities ahead for XRP
XRP has a local high of $2.90, which means the community needs to provide support for its value to rise by an additional $0.70 to attain it. With Ripple’s RLUSD gaining traction in less than 10 days since its launch, it might help fuel the anticipated XRP price growth.
Ripple must expand its availability on some of the biggest crypto exchange platforms to achieve this. For instance, Coinbase, Binance and Bybit are yet to list the stablecoin. Once it reaches these platforms, it might fuel faster adoption and drive interest in XRP, which is the ultimate goal.
If this happens, coupled with the positive sentiment surrounding the incoming administration in the U.S., XRP might attempt to test the $3 level.