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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

XRP Must Push Past $3.40 To Confirm Uptrend – Analyst

Semilore Faleti
Semilore Faleti
7 months ago
2 mins read
XRP

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The XRP market experienced a major rally in the last day following the SEC’s acknowledgment of Grayscale’s XRP ETF filling. According to data from CoinMarketCap, the prominent altcoin rose by 11% reaching a local peak of $2.81 before experiencing a significant retracement to $2.39. With XRP on the rise again, investors must note the asset must scale certain price barriers to validate its current bullish momentum.

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7 months ago

XRP Must Move Past $3.40 To Retain Market Interest

Popular market analyst Egrag Crypto has shared an intriguing analysis of the XRP market. In an X post on February 14, the crypto expert states that the third-largest cryptocurrency must achieve a strong close above $2.75 (marked in green) to sustain its current upward trend.

Based on historical data, $2.75 has presented a significant resistance level. If XRP can close and hold above this price zone on its 4-hour trading chart,  it would indicate that buyers are gaining control of the market following a month of major price loss.

XRP
Source: @egragcrypto on X

Thereafter, the altcoin must attain another price close above $2.94 (marked in yellow)  which would suggest a higher bullish momentum with significant potential for new highs such as $3.22. For the XRP market, each confirmed close above these specified price levels strengthens the present bullish momentum. 

However, Egrag Crypto warns that all price movement below the current bull rally peak of $3.40 will remain merely “noise” in the long run. The analyst warns that XRP must break above this psychological price level to confirm a certain trend shift in the upward direction.

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XRP Market Overview 

At press time, XRP trades at $2.73 following an aggregate 6.43% gain in the past 24 hours. The asset’s trading volume is up by 66.61% indicating a high level of interest from market participants. On its 7-day chart, XRP boasts 13.78% gains, reducing its monthly loss to around 8.39%. 

Amidst its recent price retracement, community sentiments in the XRP market remain highly bullish, especially with the advancement of a potential XRP ETF. By acknowledging Grayscale’s ETF application, the SEC is allowed an initial review period of 45 days – potentially extensible to 240 days – to approve or reject the proposed ETF.

With the implementation of the pro-crypto agenda of Donald Trump, investors are highly positive about an approval suggesting a potential influx of institutional capital as seen with the Bitcoin Spot ETFs.

XRP
XRP trading at $2.7378 on the 4-hour chart | Source: XRPUSDT chart on Tradingview.com
Featured image from Money Check, price chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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