The crypto market has entered into a FOMO-like situation as the price of Bitcoin has achieved a new ATH today during the late Asian trading hours. Following this, investors are actively monitoring the market in hopes of a major price action.
Following this, top analysts and investors are now turning their optimism toward top altcoins such as Ethereum, XRP, and Solana. In this article, we will understand the analyst’s perspective about XRP price action and conclude with a possible short-term XRP price prediction.
Analysts Turn Optimistic On Bitcoin, Ethereum and XRP
Paul Barron, a well-known crypto analyst with a substantial following of 161.4k has recently posted about the statistics of Bitcoin. This comes after the Bitcoin price achieved a new ATH today. Adding to this, the BTC ETF recorded a constant inflow for 5 days, highlighting a rising optimism in the crypto space.
Moreover, Paul has predicted that Ethereum price will reclaim the $3k mark soon with XRP gearing up for a run toward the $4 mark in the upcoming time.
XRP Price Chart Forms Bullish Pattern
XRP price today has retested its $2.42 mark with an intraday jump of approximately 2%. Moreover, with a trading volume of $3.45 billion, this altcoin is currently exchanging hands at $2.41 and has a market capitalization of $139.76 billion.
The Moving Average Convergence Divergence (MACD) records a constant rise in the red histogram with its averages displaying a bearish convergence. This highlights an increase in the selling-over-buying pressure for the altcoin in the cryptocurrency market.
On the other hand, the SMA indicator is on the path of experiencing a bullish crossover in the XRP price chart, hinting at increased price volatility. Considering the present market sentiments, the XRP coin price may continue witnessing increased price action.
When Will XRP Price Hit $4?
A sustained bullish action could result in the price of Ripple token breaching out of its immediate resistance level and heading toward its upper price target of $3. If the bullish sentiment intensifies at that point, this could push the XRP price toward its upper target area of $4 this altcoin season.
However, if the bears outrun the bulls, the Ripple price could drop toward its support trendline of the channel pattern. If the bears gain dominance at that point, this could result in the second largest altcoin plunging toward its lower support level of $2 in the upcoming time.
Also Read: SEC Delays XRP and Dogecoin ETF Decisions to June
