Key Takeaways
- Crypto experts share different analyses suggesting bullish price action with expectations of $10.
- XRP buyers push sellers to the edge as price could squeeze out sell position as demand increases.
- XRP market sentiment shifts from sell to buy as ecosystem votes see 88% bullish sentiment despite rising BTC dominance.
XRP has captured the hearts of the cryptocurrency market once again, following in the footsteps of the October/November rally of 2024. The price trades strongly above its demand zone of $2.5, and speculation and fundamentals of a possible price rally towards $10 or above before May ends continue to make the rounds.
A key reason why XRP has dominated the crypto space is its strong price action in the past few days. Despite the market experiencing a slight decline, there has been a significant price rally in the past few days, and the price is tipped to outperform Bitcoin in the coming weeks.
Ethereum’s rally from $1,380 to a high of $2,600 remains one of the best performances for price since its crash from $4,000. The crypto market remains optimistic that Ethereum’s continued rally will have a positive influence on the likes of XRP, as price has led the altcoin market charge in the last few days.
XRP Price Gains Bullish Sentiment
Source – XRP Buyer to Sell Ratio on Binance From CryptoQuant
On-chain data from CryptoQuant, an analytical platform, suggests that the ratio of buyers currently overwhelms the sellers. Price could squeeze sellers out to trade to the upside following a strong breakout from its downtrend price structure, as bulls and whales would be looking for more buying opportunities.
The price of XRP breaking above its monthly highs and acting as resistance for a price around $2.5 has significantly changed market sentiment for many traders and investors. Crypto experts and market data all suggest a price rally to the upside, with potential $5 targets according to speculations.
XRP’s consistent strength above $2.4 suggests the price would trade higher into its previous highs if strong fundamental news emerged that would influence its price to the upside, as investors and traders are keen to see the price of XRP rally to new highs.
Crypto Expert Reactions To XRP Price Prediction
Crypto analyst, CasiTrades, took to her X account to analyse the current XRP price action following a strong market bounce above its consolidation zone of $2 towards a high of $2.6 before a minor retracement, as she believes XRP price action could be preparing for a major rally.
According to the trader, the price of XRP must break above its strong resistance of $2.65 and close above this zone, which will help the price of XRP trade towards $3+, according to her analysis. In contrast, traders and investors pay close attention to the $2.3 support holding the XRP price.
CasiTrades further quotes, “What stands out is that there has been a continued price increase despite low momentum and a completed 5-wave count. This slow, controlled push higher often signals strong underlying demand, strong trend, heavy accumulation.”
InvestorJordann also expressed belief in a strong price push for XRP towards $5-$10 in the coming weeks. He has strong price expectations for XRP and has been a holder of the XRP token since 2017, despite market uncertainties that have affected the price in the last few years.
XRP’s price prediction for May remains unchanged. The market could continue its fine form towards a high of $5, setting a historical price rally as expected by many traders and investors following strong bullish action.
