XRP breaks $3.23 resistance, sets sights on $4: check forecast

The cryptocurrency market has turned bullish after last week’s correction phase. Bitcoin, the number one cryptocurrency by market cap, is targeting the $120k mark after dropping to the $115k level last week.

Ether is also approaching $4k while XRP has rebounded after testing the $2,99 support level a few days ago. With the market rallying over the weekend, analysts expect a continuation of the market trend over the next few days.

BNB leads the market charge as altcoins rally higher

While Bitcoin is heading towards the $120k level, altcoins have outperformed the broader market. BNB, the native coin of the Binance ecosystem, is the best performer in the top 10, adding over 6% to its value to hit a new all-time high price of $850.

XRP is not left out as Ripple’s native coin is up nearly 3% in the last 24 hours. The rally allowed XRP to bounce back from the $2.99 support level and could rally towards the $4 mark soon.

Market analysts are confident that the renewed hope about a spot XRP ETF is the primary catalyst behind XRP’s rally. Bitget Wallet CMO Jamie Elkaleh believes that institutional confidence has improved since Ripple’s partial legal win earlier this year. He added that,

“XRP is regaining market momentum as renewed ETF speculation intersects with increasing legal clarity,” Elkaleh said. “This shift is boosting market depth and signaling a structural step forward for XRP’s legitimacy in U.S. markets.”

Currently, XRP’s ETF exposure is limited to futures, but analysts believe that any progress toward a spot ETF could result in massive inflows into the XRP ecosystem. 

XRP targets a new all-time high price of $4

The XRP/USD 4-hour chart is bullish and efficient after XRP’s drop to the $2.99 support level last week. The coin could be gearing up for another rally and could hit the $4 mark soon if market conditions remain bullish.

At press time, the price of XRP stands at $3.29. If XRP continues its recovery, it could extend the rally and hit the daily resistance level at $3.40 over the next few hours.

An extended bullish run would allow XRP to surpass its recent high of $3.66 and rally towards the $4 mark for the first time in its history.

The technical indicators have switched bullish, suggesting a buying pressure. The MACD indicator showed a bearish crossover last week but has now reversed back into the positive region.

The RSI indicator on the 4-hour chart reads 59, above its neutral level of 50, indicating bullish momentum.

However, if the market undergoes a correction after a bullish weekend, XRP could retest the $3.22 level over the coming hours. Any close below the $2.99 daily support level could see XRP decline further towards the $2.72 region.

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