XRP, the digital token, has witnessed a 6.2% increase over the past week, marking a significant improvement in market sentiment and pushing its price to $2.3 for the first time in roughly a month. The Fear and Greed Index, a measure of market sentiment, has risen from a record low of 15 to 52, indicating a shift towards less concern about the market’s state. This change supports a bullish outlook for cryptocurrencies including XRP, leading to multiple bullish breakouts above key moving averages.
Ripple recently revealed that it would enable investors and traders to borrow Ripple USD (RLUSD) – its new stablecoin – via the well-known AAVE protocol. This move is aimed at promoting the adoption of its stablecoin and advancing its mission to become the leading decentralized payments platform. According to data from CoinMarketCap, RLUSD’s market cap has surged from about $60 million in early March to nearly $300 million, marking a 400% increase in just two months. This upswing in demand for RLUSD translates to higher transaction volumes within the Ripple network as well as increased demand for XRP.
The recent price action for XRP indicates the completion of its latest Elliott Wave.
### What’s Next for XRP? Potential Rally to $2.5
The hourly chart suggests XRP is in a period of consolidation, awaiting additional liquidity to spark its next move. By analyzing the latest Elliott Wave levels, key resistance and support areas emerge, outlining potential future price movements. If XRP breaks above the $2.2350 mark, initiating a new Elliott wave, it could soon reach $2.5. After this bullish breakout, a slight pullback to the $2.23 level might occur, but as long as this support level holds, the bullish trend is expected to continue. The price may then retreat to the $2.3 resistance (now acting as support) before aiming for the $2.4 to $2.5 range as its first feasible target.
Conversely, a bearish scenario would see XRP fall below the $2.12 support level, potentially leading to prices between $2.03 and $2.06. However, the current market structure leans bullish, suggesting a higher likelihood for the bullish scenario to unfold. As the market consolidates, momentum indicators have cooled, with the upcoming U.S. trading session likely to provide the liquidity needed for a breakout in either direction.
As traders anticipate XRP’s next major move, emerging crypto projects like SUBBD are attracting attention and capital, indicating a recovering sentiment across the crypto landscape.
Discover the future of digital payments with #XRP as it gears up for potential growth. Keep an eye on the next wave! #Cryptocurrency #DigitalPayments
