Why is XRP Price Going Up Today?

Bitcoin has reclaimed the $90,000 level for the first time since March, surging as investors seek safe haven in crypto amidst a weakening U.S. dollar. This rally, now two days running, is fueled by macroeconomic headwinds and growing anticipation of a potential Federal Reserve pivot towards interest rate cuts.

The U.S. Dollar Index (DXY) has fallen to a three-year low, boosting Bitcoin's appeal as a hedge against currency devaluation. This situation parallels recent gains in gold, which, like Bitcoin, is often considered a store of value during economic uncertainty.

Altcoin Gains

The bullish trend extended beyond Bitcoin. Ethereum (ETH) saw a 13% jump, while XRP and Solana (SOL) each gained 7%. Dogecoin (DOGE) significantly outperformed, surging 14% on renewed retail interest and a risk-on market sentiment.

XRP: Consolidation and Potential Breakout

XRP has remained stable within a well-defined trading range, currently above key support between $1.21 and $1.55. Analysts note that despite minor price fluctuations, this support zone remains intact. Some Elliott Wave analysts suggest a potential fifth wave rally is underway.

Confirmation of a bullish breakout requires XRP to surpass $2.25, its recent local high from April 13th. A successful break above this level could propel it towards $3.30, potentially extending to targets between $5.00 and $5.65, contingent on broader market conditions. At the time of writing, XRP is trading at $2.25, up over 7%.

However, upward momentum isn't guaranteed. A break below $1.82 could trigger a deeper correction. While microstructure analysis shows no clear five-wave decline (which would indicate a significant correction), a strong reversal remains unconfirmed.