XRP Price Shows Significant Recovery, Is $3 Back On The Menu?

• The price of XRP shows a pent-up bullish momentum in the RSI chart.
• The token has also entered a decisive phase at the 200 EMA, which could push it above $3.
• Ongoing upgrades, particularly ZKP integration, could drive greater institutional adoption of XRPL.

XRP staged a huge rally from $1.40 to $1.46 in the last 24 hours, displaying more than 4% gain within the period. The rally, driven by $2 billion in trading volume, is renewing hope that the market could be on its way to beating the bearish vibes.

Oversold Condition Pushes XRP’s Price Momentum

XRP has been displaying oversold conditions in the weekly chart of the 14-range Relative Strength Index (RSI). Meanwhile, the daily RSI pattern indicates a sustained climb since early-February lows, coupled with a possible exhaustion of selling pressure in the monthly trend.

The RSI readings spark optimism, but Egrag Crypto, a pseudonymous technical analyst with a consistently growing following on X, warns that XRP is currently battling a decisive phase in the weekly 200 Exponential Moving Average (EMA) triangle structure.

ADVERTISEMENTXRP Price Under EMA Triangle (Source: Egrag Crypto)According to the analyst, there’s a 40% probability that XRP will have a final sweep to the $0.93-$0.80 region before the rip if its price fails to hold momentum toward a bullish breakout. He grounded his forecast on the historical retracement zone of the asset and its liquidity resting under the 200 EMA triangle structure.

On the other hand, the analyst projects that the 200 EMA compression has a 60% chance of taking XRP for a ride at $2.20. The trend’s continuation could lead to another shot at $3.20.

Ali Martinez, another widely followed technical analyst on Crypto Twitter (CT), shares the same positive outlook on XRP. He shared that the token’s 16.5% surge in open interest, from $1.39 billion to $1.62 billion across the week, indicates solid trader momentum.

ADVERTISEMENT## Major Upgrades in XRP Ecosystem

Beyond the technical charts, XRP is undergoing a significant upgrade that could strengthen its institutional pillars. The pseudonymous Vet, a Default Unique Node List (dUNL) validator at the XRP Ledger (XRPL), revealed that developers are introducing a privacy layer on the network.

The XRPL validator said Zero Knowledge Proof (ZKP) technology is coming to the ledger. The move aims to balance transparency and confidentiality within the XRP ecosystem to prevent bad or unwelcomed actors from exploiting public transaction data. Meanwhile, the measure allows institutions to maintain the privacy level required for regulatory compliance. It basically addresses one of the longstanding concerns enterprises have about adopting the ledger.

The privacy upgrade comes alongside other ongoing works in XRPL. These include prototypes for a derivative sidechain, a quantum-resistant algorithm, and programmability tools comprised of smart contracts and smart contract extensions.

Disclaimer: The compiled data, analysis, and commentary featured in this article are only for informational purposes. They do not constitute financial advice or a product recommendation from the author or the Blockzeit team.

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