These XRP Price Predictions Will Make You Think

The past 24 hours saw the broader cryptocurrency market go through a slight correction, with the total capitalization dropping below $4 trillion. This comes on the back of a decline in Bitcoin’s price, which is down 1.3% during the period.

As it’s almost always the case, altcoin performance is directly correlated with that of BTC but typically a lot more pronounced. That’s what we saw today as well.

ETH dropped by 4.5%, DOGE – by 4.7%, ADA – by 4.6%, and XRP – by almost 4%. But as the native coin behind the XRPL corrects, analysts are taking the opportunity to present some price predictions.

Technical XRP Price Predictions

As CryptoPotato reported, prominent and popular analyst Ali Martinez shared a chart, indicating that XRP might be on its way to the $6 mark.

To come to this price level, Martinez used Fibonacci levels drawn from the previous move. They indicat $4.17, $4.63, and $5.01 as points where the buyers might meet serious resistance. The final extension of his analysis indicates $6.12 as a target.

Another trader, going by the CRYPTOWZRD moniker presented his technical outlook. Yesterday, he wrote:

The intraday chart was somewhat volatile today and should remain so tomorrow. Our current position is secure. Moving above the $3.65 intraday resistance target will trigger the next long opportunity. $3.4 is the main intraday support target. We will have to wait for the market to form the next healthy trade setup.

In the attached chart, the analyst presents $4.6 as the “next major target.”

Somewhat in line with these was the comment of Cobb, who said that:

XRP $5 is coming so fast. You will blink one day and it’s just gonna be $5 per coin.”

What is Driving the Current Positive XRP Price Momentum?

Regardless of the slight correction, the community is relatively unanimous – sentiment is positive. But what’s behind the recent price movements?

Well, for once, the legal battle between the United States Securities and Exchange Commission and Ripple Labs has more or less been resolved. The company has withdrawn its cross appeal and expects that SEC will do the same, effectively marking the end of the lawsuit.

On the other hand, Ripple is a native US company and the country has done quite a bit under the presidency of Donald Trump with regards to crypto regulations. For instance, just recently, the administration passed the GENIUS Act, considered to be the first major national regulatory framework creating clearer rules for the growing industry, especially when it comes to stablecoins.

Recall that Ripple also launched a USD-pegged coin called RLUSD and even tapped the country’s oldest bank – BNY Mellown to serve as a global partner and custodian. According to CoinGecko, RLUSD currenty has a market cap of around $530 million.