XRP eyes $3.7 as momentum indicators show fading bearish signs

Key takeaways

XRP has reclaimed the $3 mark after adding nearly 3% to its value on Tuesday.
The momentum indicators are showing fading bearish signs, with a bullish run expected to follow.

XRP tops $3 as broader market shows early signs of recovery

The cryptocurrency market had a poor start to the week but is now showing early signs of recovery. Bitcoin is trading above $111k after adding 1% to its value, while Ether has topped $4,600 as it is up 4%.

XRP, Ripple’s native coin, is not left behind as it has recaptured the $3 psychological level after rallying by more than 3%. The coin could rally higher in the coming hours and days as the bullish momentum continues.

This latest performance comes as CME Group revealed that its crypto futures suite has surpassed $30 billion in notional open interest for the first time. According to CME Group, the SOL and XRP futures each crossed $1 billion. XRP became the fastest contract to hit the milestone, doing so in just over three months.

Institutional adoption continues to support XRP’s price, and this could push it higher over the coming days and weeks.

XRP targets $3.7 as bullish momentum surfaces

The XRP/USD 4-hour chart remains bullish as XRP rallied by nearly 3.5% in the last 24 hours. The Ripple native coin dipped by over 5% on Monday and closed below its 61.8% Fibonacci retracement level at $2.99.

It has now recovered and is trading above the $2.99 support level. The RSI of 54 shows that the bullish momentum is growing, while the MACD lines have also crossed into the positive territory.

If XRP continues its recovery, it could push higher and target its next daily resistance at $3.40. An extended bullish run would allow XRP to surpass its yearly high of $3.66, with the all-time high price of $3.8 its next target.

However, if XRP faces a correction, it could dip below $2.99 and target the next key daily support at $2.72.

The post XRP eyes $3.7 as momentum indicators show fading bearish signs appeared first on CoinJournal.

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.