XRP Price Must Hold This Support To Reclaim $3, Is $6 Rally Next?

XRP price has been closely watched by investors as the crypto fell from its January high of $3.39 to the $1.95 mark recently, sparking market concerns. However, the crypto has wiped off some of its recent losses and traded in the green today, reflecting renewed investors’ confidence. Amid this, a top expert has highlighted a key support level that Ripple’s native crypto must hold to reclaim the $3 mark again.

Amid the recent surge and other positive market as well as technical trends, speculations also soared if the crypto could hit $6 soon.

Top Expert Highlights Key Support Level For XRP Price

As XRP price major setback recently, investors are keeping close track of the assets’ movement. However, as the market is looking for a potential foundation for Ripple’s native crypto, top experts have highlighted key levels to watch ahead for further cues.

For context, in a recent X post, prominent expert Ali Martinez said that XRP needs to hold the $2.27 level to regain upward momentum. According to his analysis, if the asset remains above this crucial support, it could gain enough strength to reclaim the $3 mark.

Adding to this sentiment, another expert, Rose Premium Signals pinpointed $2.41 as another critical support level. The expert noted that XRP is currently bouncing off a key support zone, indicating a possible breakout. As per the analysis, a bullish reversal is forming with potential short-term targets of $3.12 and $3.73.

Can XRP Price Rally To $6 Next?

As the analysts have hinted towards a potential XRP price surge to $3 soon, market watchers are anticipating further rally ahead. Having said that, the possibility of Ripple’s native crypto reaching $6 is gaining traction among analysts.

Top market watcher Dark Defender stated that the asset’s consolidation phase on the daily chart is nearing completion. Highlighting the Relative Strength Index (RSI) lows, he suggested that a breakout could soon propel XRP price toward $5.85 and beyond.

According to Dark Defender, the crypto is on track to enter its third wave of price action, which could lead to a strong rally. If the momentum holds, targets of $5.85 and $8.76 could be achievable in the coming weeks. The key supports identified in this scenario are $1.88 and $2.33, which need to hold firm for a sustained uptrend.

Simultaneously, the recent market trends also indicate a bullish momentum ahead for the crypto. In the fundamental area, XRP ETF approval odds have gained notable traction lately.

XRP ETF Odds Boost Sentiment

A flurry of positive market developments has fueled the investors’ sentiment recently. For context, Nasdaq has recently filed a 19b-4 form to the US SEC to list Coinshares XRP and Litecoin ETFs. This development, if happens, could significantly increase the appeal of the asset to the market participants.

Simultaneously, pro-XRP lawyer Jeremy Hogan recently said that the ongoing Ripple Vs SEC case is unlikely to impact the approval process of the ETF. He noted that the ruling of “XRP is not a security” is the main clarity that is required in this case for the launch.

What Lies Ahead?

XRP price today delivered gains of around 2.5% and traded at $2.49, while its one-day trading volume fell 20% to $4.48 billion. Notably, the crypto has rested between the $2.52 and $2.41 levels over the last 24 hours.

Notably, the Relative Strength Index of the asset stood at 42, signaling possibilities of further gains ahead. Furthermore, XRP Futures Open Interest rose 5.5% to $3.74 but was significantly low from $7.86 billion recorded in mid-January.

However, the coming days will be crucial for XRP’s price trajectory. As per the analysts, investors should keep a close watch on the $2.27 and $2.41 support zones as a bounce from these levels could drive the price toward $3 and possibly beyond.

Despite that, investors should tread cautiously amid the volatile scenario and growing macroeconomic concerns in the market. Besides, several experts have also warned about a potential crash in Ripple’s native crypto ahead, which has weighed on market sentiment.