XRP is showing signs of renewed bullish momentum as it is trading at $1.44, having a 24-hour trading volume of $2.14 billion, a market capitalization of $88.41 billion, and a dominance of 3.66%. XRP has shown a 1.02% price decline in the last 24 hours, indicating a slight downturn in the asset’s price in the recent past.
XRP Retests Key Support at $1.345
According to a recent post by Crypto TXG, XRP has successfully retested its key support at $1.345 and has managed to hold above it, indicating a positive trend in the asset’s price in the recent past. After retesting the $1.345 level, XRP has managed to move back towards the $1.61 level, which has shown a slight rejection, causing a pullback in the price of XRP.
Conversely, renewed bullish momentum could trigger a breakout above $1.61, potentially opening the door for higher gains. On the other hand, if the price of XRP increases, it may be able to move past the $1.61 level and may show a breakout in the coming days, allowing it to move into a higher price range.
Also Read | XRP Trades at $1.43 as Price Holds Steady Despite Volume Drop
XRP Ascending Channel Signals Broader Uptrend
Technical structure indicates XRP is moving within an ascending channel, suggesting the broader trend still leans upward. Currently, the price movements are being observed near the support price of $1.37-$1.38, which seems to be failing to hold against the immediate price movements.
If this is sustained, the price is likely to move towards the resistance level of $1.40 to $1.415. A successful move above $1.4437 could confirm the price can move higher in the upcoming sessions, opening the way towards the price of $1.50, or even higher towards the price of $2.00.
If the price fails to hold above the level of $1.37, a deeper correction is possible. In this case, the price is likely to move towards the price of $1.34 to $1.35, which is a major support level. A deeper fall is possible towards the price of $1.3220 before a possible move upwards.
Although the price is facing resistance, the overall scenario is slightly positive. This is confirmed by a ‘Golden Cross’ on the lower timeframe chart, in which the 50-period moving average crosses the 200-period moving average, indicating that the price is likely to move upwards, as the buying strength is still in the market.
Fundamentally, the price is looking good, especially in the long term. Ripple is confident about its business, which is confirmed by a share buyback plan of $750 million at a valuation of $50 billion. Additionally, the company is part of a major partnership network, including Mastercard, along with over 85 companies, in the field of global payment solutions.
Institutional investors are also showing interest in the price, which is confirmed by the report that Goldman Sachs is one of the largest holders of XRP-related exchange-traded products, along with over 80 institutions holding over $200 million in exposure to the price.
XRP is currently trading in a tight range between major levels of support and resistance, and the price is likely to move in one of two ways, depending on the ability of the price to move above the level of $1.44.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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