XRP price remained above $1.40 on Thursday as the broader cryptocurrency market staged a strong recovery across major digital assets. The Ripple has recorded almost 5% growth over the last 24 hours, which shows a positive trader mood and the recovery of buying momentum.
Meanwhile, Bitcoin price rose over 7% to regain the $74,000 position and reinforce the market. As bullish momentum gains momentum in the sector, analysts indicate that XRP price may target the $5 level if uptrend persists.
Ether price also improved by 7%, whereas other altcoins such as ADA, DOGE, and SOL also achieved significant gains. The overall market value of cryptocurrencies grew 4.55% in a single day, amounting to nearly $2.45 trillion.
The positive turn of regulatory trends in the United States and ongoing institutionalization. XRP and Crypto markets also responded to news that indicated that tensions between the United States, Israel, and Iran might defuse sooner than previously expected.
Bitcoin Price Surges to $74K as ETF Inflows Strengthen Market Momentum
Bitcoin returned above the $74,000 level for the first time in nearly a month as several major altcoins surged.
According to market data provided by Santiment, Solana, Chainlink, and Pepe recorded strong single day gains even when the global market was largely uncertain.
The recovery came at a time when there was still a view of fear and care among traders in the cryptocurrency industry.
Meanwhile, institutional investments into the United States spot Bitcoin exchange-traded funds surged.
According to the data provided by SoSoValue, the total net inflows into Bitcoin spot ETFs were 225 million on the third of March.
The IBIT fund by BlackRock was the most active, with the net inflows amounting to about 322 million recorded in the session.
The Ethereum spot ETFs have registered a net outflow of $10.75 million, whereas XRP spot ETFs registered a net inflow of 7.53 million a day.
Will XRP Price Rally Continue?
The latest XRP price surged to $1.41 during Thursday trading as buyers attempted another breakout above range resistance.
XRP price is still trading within a narrow band of support and resistance of $1.40 and $1.50 in the four-hour chart.
The structure reveals consistent consolidation following the mid February spike, which had temporarily pushed the token to $1.65.
The recent candles show that buyers are protecting the zone of $1.40, and are avoiding further drawbacks over the course of multiple sessions.
Momentum indicators indicate some weak bullish pressure as the RSI increases towards the 55 mark.
The MACD histogram also turned to a positive value, indicating that short-term momentum may be in favour of the buyers.
Source: XRP/USDT 4-hour chart: TradingviewA firm close above $1.45 can lead to another endeavor to the key resistance at a level of $1.50.
Should the bullish momentum continue, investors are observing a long-term breakout objective of around $1.70. But holding the $1.40 floor may invite short-term selling pressure.
The following downside target in that case would be at about $1.35, where buyers had already entered into it aggressively.
Source: https://coingape.com/markets/xrp-price-as-bitcoin-reclaims-74k-is-5-next/
