XRP price held above $2.20 on Sunday, following an 8% weekly gain that strengthened its bullish outlook. The token maintained a firm market structure after several days of consolidation.
The momentum was enhanced as buyers had shown new interest, and this boosted confidence in the market. Analysts indicated positive technical signals that indicated the possibility of further upside. Increasing inflows of ETFs were also an indicator of a better mood among institutional investors.
These conditions positioned XRP for a possible push toward the $3 level if buying pressure continues this week.
Here’s why XRP Price Will Hit $3 soon
With the broader crypto market showing signs of recovery, XRP appears set for a strong upward move. If Bitcoin price continues consolidating above $90,000, a complete market revival might drive XRP price to the $3 point this week.
Ethereum price has already crossed the $3,000 mark and has seen a significant increase on a weekly basis. The bullish momentum is also being contributed to by such altcoins as Solana, Binance Coin, Cardano, and Dogecoin.
The wave is fuelled by a new institutional focus, favourable technical signals, and demand that is associated with the recently approved ETFs by 21Shares.This will start trading on Monday as its U.S. spot XRP ETF will be listed under the TOXR symbol.
Interestingly, there was an increase of approximately 150 million XRP by large holders of XRP, those with wallets containing over one billion, since November 25. This translates to an increase of about 330 million in investment that goes into it at present prices as confidence increases among whales.
Another significant event is that U.S.spot XRP ETFs have inflows of about $666.6 million in November, just two weeks after it launched. Over the last seven days, XRP has also increased 16%, with Grayscale and Franklin supporting their ETF products.
The bullishness is gaining, and a price target of $3 XRP appears more and more likely in the near future.
Could XRP Price Be Preparing for a Breakout Toward $3.00?
The latest XRP price surged to $2.20 after holding firm above the key $2.00 support zone. Buyers continued to defend this level, allowing the market to stabilize before pushing higher.
The MACD lines narrowed around the centerline, and even this is a sign that volatility will likely rise. The RSI is around 52 with balanced conditions, and there is room for an upward movement.
XRP/USD 4-hour chart: TradingviewThe XRP Long-range prediction leans bullish as long as the price holds above support. A drop below $2.20 may send the market back to $2.00, but continued stability favors upward continuation. Key targets remain $2.40, $2.60, and $3.00.
Source: https://coingape.com/markets/xrp-price-prediction-why-xrp-could-rally-to-3-this-week/
