- Renewed interest in XRP has hinted at a potential market reversal from a multi-week correction.
- XRP price must consistently close above $2.23 in the coming days to validate a fresh bullish wave.
Ripple Labs’s XRP gained more than 6 percent in the past 24 hours to trade at about $2.21 on Tuesday during the evening North American trading session. As Bitcoin (BTC) price rallied above a crucial resistance/support level of around $92k for the first time since the onset of the U.S.-led tariff trade wars, confidence in the wide altcoin market grew in tandem.
Moreover, the rising crypto Open Interest (OI) has helped catalyze bullish sentiment following the ongoing parabolic price rally of gold.
XRP Price Eyes $3 Next
From a technical analysis standpoint, XRP price has been forming a market reversal pattern in the past few weeks, characterized by a possible inverse head and shoulders (H&S) formation. Today’s XRP pump saw the altcoin approach a crucial resistance level around $2.23, which if flipped will result in a confirmed bullish wave in the near future.
In the four-hour timeframe, XRP price has signaled a momentum shift to a bullish outlook after breaking out of a multi-week falling logarithmic trend. A consistent close above $2.23 will clear the path for XRP bulls to push toward the next target of about $3.
However, a consistent close below $2.23 in the coming days will result in further XRP price correction, possibly towards $1.76 again.
Market Picture
The confirmation of the nomination of the new U.S SEC Chair Paul Atkins earlier on Tuesday stamped the end of the Ripple lawsuit, and clarity for XRP and the wider crypto market ahead. Moreover, the odds of a spot XRP ETF approval by the end of 2025 surged to 72 percent on the polymarket as investors speculate on imminent approvals.
The XRP market will continue to improve as more institutional investors gradually accumulate in anticipation of a parabolic rally in the coming months.
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