XRP Price Forecast: Is $3 the Next Target?

Highlights:

• XRP Price jumps 12% today to trade at $2.69 at press time.
• While major cryptos like Bitcoin (BTC) and Ethereum (ETH) wobbled today, XRP steadied the uptrend.
• Wisdom Tree officially filed an S-1 for its spot XRP ETF.

The Ripple token (XRP) price is continuing its upward trajectory. It is up 12% today, with the XRP/USD trading at $2.69. Technical analysis shows a bullish trend, with XRP breaking out in a parabolic movement. The hype surrounding exchange-traded funds (ETFs) has had a noticeable positive impact on XRP, as it almost hit $3.

While major cryptos like Bitcoin and Ethereum wobbled on Tuesday, Dec 3, after breaking out, XRP steadied the uptrend. According to CoinMarketCap, XRP has flipped Solana and Tether, ranking #3 among other cryptos. The growing interest in the token has seen the trading volume spike by more than 12% to $44.61 billion, while the market has soared to $139.19 billion. 

Recently, Wisdom Tree officially filed an S-1 for its spot XRP ETF. These recent developments saw the XRP price hit the $2.72 mark before slightly retracing to current price levels. Meanwhile, the financial world is changing, and XRP is emerging as the leading currency of the new era. 

🚨BREAKING: WISDOMTREE officially files S-1 for its spot #XRP ETF! 👀

Hold tight your $XRP, Let pump to $10 🚀 pic.twitter.com/vJnERwtXfA

— ⚔️ XRP Avengers ⚔️ (@XRP_Avengers) December 3, 2024

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $2.69
• Trading volume (24h) – $44.61 billion
• Market cap – $139.19 billion
• Total supply – 99.99 billion
• Circulating supply – 57.05 billion
• XRP ranking – #3

The Ripple token is printing green candlesticks on the daily chart timeframe, aiming to reclaim its ATH at $3.08, which it last reached in January 2018. The XRP price has broken out in a parabolic movement tilting the odds in favour of the bulls.

Further, the Golden Cross in the market cements the long-term bullish outlook. Golden Cross often comes into play when the short-term MA (50-day) crosses above the long-term (200-day) MA. The 50-day MA, positioned at $0.92, provides dynamic support, and the long-term (200-day) MA is at $0.63. The XRP price trades well above both MAs, indicating sustainable bullish momentum.

The RSI has hurtled above the 50-mean level, bolstering the bullish picture. It has soared, hitting the 95.23-strength level, showing immense buying pressure. Its position above the 70-overbought region suggests a correction is imminent in the market. It is prudent to watch out for the RSI’s rejection from the overbought region to time the reversal carefully to avoid the bull trap.

XRP Price Poised for a Rally to $3

The Moving Average Convergence Divergence (MACD) is also in positive territory, pulling away from the sell signal. This indicates that buying momentum exceeds selling pressure. Moreover, bulls could seize the opportunity to push the XRP price to $3 if the support levels hold intact. In a highly bullish case, XRP could reclaim its ATH at $3.08 and rally to $4. 

On the flip side, traders should be prepared for a possible pullback or consolidation phase, as overbought conditions on the RSI suggest the market may need a cooling off. In such a case, a slight pullback may cause the XRP price to chase the $2.28 support level as the bulls sweep through liquidity. Increased selling pressure will cause the altcoin to retest the $1.93 support level before a substantial leg up.