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Why is XRP Price Going Up Today?

Published by
Anjali Belgaumkar

Bitcoin has reclaimed the $90,000 level for the first time since March, surging as investors seek refuge in crypto amid a falling U.S. dollar. The flagship cryptocurrency rallied for a second consecutive day, supported by macroeconomic headwinds and increasing expectations that the Federal Reserve may soon pivot to rate cuts.

The U.S. Dollar Index (DXY) has slipped to a three-year low, increasing Bitcoin’s appeal as a hedge against currency devaluation. The situation mirrors recent gains in gold, which, like BTC, is often viewed as a store of value during uncertain economic conditions.

Altcoins Join the Rally

The bullish momentum wasn’t limited to Bitcoin. Ethereum (ETH) jumped by 13%, while XRP and Solana (SOL) each gained 7%. Dogecoin (DOGE) outperformed with a 14% surge, riding the wave of renewed retail interest and risk-on sentiment.

XRP: Holding Strong, Waiting for Breakout

XRP has been holding firm within a well-established range, currently trading above key support between $1.21 and $1.55. Analysts highlight that, despite minor wicks and volatility, this zone remains structurally intact. A rally in wave five, as suggested by some Elliott Wave analysts, may still be in play.

For a bullish breakout confirmation, XRP would need to clear $2.25, the recent local high from April 13. A successful push beyond that level could open the door for a move toward $3.30, and potentially extend to targets between $5.00 and $5.65, depending on broader market momentum. At the time of writing, XRP has gained more than 7% and is trading at $2.25.

However, the path higher isn’t guaranteed. A break below $1.82 could shift focus to a deeper correction. While microstructure analysis shows no clear five-wave decline, which would imply a deeper correction, the market has yet to confirm a strong reversal.

FAQs

How does a falling U.S. Dollar Index affect crypto?

A weak DXY boosts crypto like Bitcoin as investors seek protection from currency devaluation.

Why is Bitcoin above $90,000 again?

Bitcoin surged as the U.S. dollar weakened, boosting its appeal as a hedge amid rate cut expectations.

How high can XRP price go?

If bullish momentum holds, XRP could target $3.30, with extended highs between $5.00 and $5.65.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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