Ripple’s XRP touched a daily high of $2.97 on Monday and was on the brink of hitting the $3 mark. It is now hovering around the $2.94 level and is attracting heavy bullish sentiments in the indices. The altcoin is up nearly 5% today with its 24-hour trading volume reaching a whopping $8.2 billion. The trading volume was at 2.4 billion a month ago and has almost tripled in just a month.
The $3 for XRP was inevitable as investors had taken a call strike option for the leading altcoin. This pushed its price to the $2.90 level and could keep surging in value. Bitcoin hit a new all-time high of $122,838 and is generating massive profits for holders. BTC’s surge is pulling other altcoins up along with it including Ripple’s XRP.
Also Read: XRP’s Next Move: Ripple’s New Pattern Suggests $50 in Sight
Can XRP Reach $5 Next?
For XRP to reach $5, Bitcoin must surge further in value and push the cryptocurrency market further into bullish territory. In addition, traders must feel confident and take call strike positions at around $4.5 to $5. Investors’ enthusiasm peaked with the leading altcoin this month and took call strike positions at $3. That is being reflected on the charts today with the bullish trajectory.
Also Read: What’s Stopping Ripple (XRP) From Reaching $100?
However, if Bitcoin begins to decline after hitting its ATH, the cryptocurrency market could go down along with it. Moreover, the chances of traders booking profits with XRP reaching the $3 mark remain high. The sell-off could push its price south and investors make way with returns. This could add pressure on the leading altcoin and make it turn volatile in the indices.
Since Bitcoin is on the path of bullishness, the higher it goes, the chances of XRP surging remain. Therefore, taking an entry position now into the altcoin can be taken for those who have a stronger risk appetite. The others, who cannot stomach risks, should avoid the altcoin at these present levels.
