XRP Price Surges Over 5%, Targets $3.00 Amid Market Rally
The price of XRP has increased by over 5%, rebounding from key support at $2.75, with market bulls aiming for a breakout above $3.0. Open interest in XRP has surged past $7.3 billion, leading a broader crypto market rally.
XRP Price Projections
- Non-logarithmic scale target: $4.89
- Logarithmic scale target: $48.90
- Average-based target: $27.00
Analyst Javon Marks noted that as long as XRP holds above $2.47, the upside target of $4.80 remains valid. If XRP reaches $3.06, it may trigger significant short liquidations, further driving the price upward.
Market Volatility Factors
The cryptocurrency market is experiencing volatility, influenced by external factors such as US tariffs and Federal Reserve policies. Last week saw nearly $500 million in crypto liquidations, with Bitcoin down 5% and Ethereum dropping 12.5%. Bitcoin ETFs faced almost $1 billion in outflows, while Ether experienced $152 million in outflows on August 1.