XRP’s short-term bullish momentum is back, and it could propel the cryptocurrency to as high as $4.5 in the coming weeks, according to a trading expert.
Specifically, Master Ananda’s analysis highlighted a confirmed higher low formation on June 5, followed by strong bullish price action on June 8.
This suggests that XRP has resumed its upward trend after spending a month consolidating. Notably, June 5 marked one of XRP’s steepest drops in recent weeks, briefly threatening to fall below $2.
In a June 8 TradingView post, Ananda pointed to April 7 as a local bottom and May 12 as the most recent peak. The 24-day retracement between those dates, followed by 27 days of sideways movement, signals a classic buildup phase before a potential breakout.
According to Ananda, this consolidation has allowed the market to reset, positioning XRP for a major move higher. His price target is $4.51, bypassing interim resistance zones like $2.71 and $3.02.
If this projection holds, XRP could rally directly to the $4.5 area by early August, which is expected to act as a major resistance once tested.
Meanwhile, XRP has already made a sharp recovery from its recent lows, at one point adding $6 billion in market cap in a single day. However, it has yet to reclaim the $2.30 resistance, a level that would open the door to challenging the crucial $2.50 mark.
XRP price resurgence
It’s worth noting that a surge in on-chain activity is fueling this momentum. For instance, XRP’s 24-hour trading volume has spiked nearly 50%, reaching $2.7 billion, signaling strong and sustained investor interest.
On the other hand, institutional interest in XRP is likely to pick up. In this case, on June 2, Nasdaq proposed adding XRP to its flagship Nasdaq Crypto Index (NCI).
If approved, this move would align the holdings of the Hashdex Nasdaq Crypto Index US ETF (NCIQ) with the broader index, potentially bringing more institutional capital into XRP.
XRP price analysis
At the time of writing, XRP is trading at $2.26, down 0.3% on the day but up over 5% for the week.
From a technical standpoint, XRP is hovering just below its 50-day simple moving average (SMA) of $2.30 but remains well above the 200-day SMA, which is at $1.90.
This indicates short-term consolidation within a broader bullish trend. Meanwhile, the 14-day Relative Strength Index (RSI) sits at 53.3—reflecting neutral momentum with a slight bullish tilt.
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