- XRP is targeting $3.5 after breaking a declining wedge, with $4.0 as its target in the longer term.
- XRP recovered from $2 to $2.20, appreciating by 5% due to a bullish environment.
- The April 2 stablecoin legislation review may enhance Ripple’s institutional adoption.
The price of XRP indicates strong reversal signs, as analysts are expecting a potential rally to $3.5 and above. After recent volatility and consolidation, technical indicators finally favor a bullish expectation. A TradingView analyst, Setupsfx has issued short- and long-term price predictions, with a major uptrend in store for the digital currency.
Analyst Predicts XRP’s Potential Surge to $3.5
According to Setupsfx, XRP has entered a bullish reversal phase, poised to break out of its recent downturn. His technical analysis suggests that after its consolidation phase ends, XRP could experience an explosive rise to $3.5. The expert also believes the rally may extend beyond this target in the long term.
The chart analysis shows that XRP is poised to reach above its historic high of $3.84 due to favorable fundamentals. XRP has already recovered from its local bottom of $2, reaching $2.20, representing a five percent gain. The price action aligns with the expectation of future stablecoin legislation, anticipated to influence the future direction of the market.
XRP’s price action recently correlates with rising interest in stablecoin regulation, due to come under consideration by Congress on April 2. The bill has the potential to provide a formalized system of stablecoins, possibly advantaging Ripple’s RLUSD and promoting institutional adoption. The favorable evolution in regulation may greatly improve XRP’s prospects over the next few months.
Market participants are keeping close watch on the bill’s effects on the wider crypto space. Cryptocurrency prices in the past have been shaped by regulatory clarity, and comparable situations in Bitcoin and Ethereum have prompted powerful rallies. Ripple’s continued emphasis on compliance and institutional adoption strengthens Ripple’s long-term prospects even more.
Long-Term Bullish Breakout Above $4.0
XRP price has recently broken out from the falling wedge pattern, which is highly bullish from a technical standpoint. With resistance at $2.21 and support at $2.02, traders are expecting a breakout above these levels to seal the next bullish phase. If it remains above $2.14, its next target may be $2.50.
The Relative Strength Index (RSI) has improved from oversold levels to about 46.74. A bounce above 50 may spur improving momentum. Also, this price reversal from below the lower Donchian Channel band indicates firm buying interest. Provided this trend persists, Ripple may hit $3.5 in the short term and $4.0 in the longer term.
The TradingView analyst recommends that short-term traders target $3.5 as a proper exit point ahead of a possible correction. For long-term holders, breaking above $4.0 may establish a long-term upward trend. Setupsfx’s analysis also highlights an ideal entry point at $1.8, with a recommended stop-loss around $1.2 to mitigate risks.
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