XRP Bulls Eye $2.3 Level For Price Recovery

Salaheddine Bouhmid, head of markets at IG Europe, has identified the $2.3 level as a key point for XRP holders to defend. Despite recent gains, the level is currently being tested. $2.62 remains a significant resistance level according to the analyst.

If XRP’s price surpasses $2.62, it would break the resistance and potentially trigger increased buying activity. Bouhmid suggests this could “bring new momentum and end the downtrend.”

Currently, XRP is trading at $2.52, according to CoinGecko data.

St. Louis Fed President Alberto Musalem recently stated his expectation for an economic rebound early next year, tempering expectations for future interest-rate cuts.

This commentary has negatively impacted risk assets, causing XRP to decline by nearly 2%.

Despite the bearish sentiment, XRP-based investment products have attracted $28.2 million in inflows, according to a CoinShares report.

This contrasts with the outflows experienced by Bitcoin and Ethereum, which lost $931 million and $438 million respectively.

Salaheddine Bouhmid, head of markets at IG Europe, believes that the $2.3 level will be crucial for XRP holders to defend.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.