- XRP is up 3.2% at $2.26, with trading volume at $3.43 billion, showing a 24.09% decrease.
- A break above $2.25 resistance could push XRP toward $2.69, with $2.45 as the next hurdle.
- RSI will show momentum strength with high readings suggesting further bullish movement.
XRP is priced at $2.26, increased by 3.2% over the last 24 hours. The trading volume is $3.43 billion, indicating a 24.09% decrease. In the last seven days, XRP has increased by 3.7%. Although the trading volume is down, the price action has been observed, with XRP finding itself in key areas of support and resistance that may dictate its direction.
Source: CoinMarketCap
XRP Bullish Potential
CasiTrades has highlighted that XRP is keeping the 0.382 retracement level. This level plays a crucial role in deciding the direction of the market going forward. The price of XRP has often been trying to breach the level, which indicates its importance. The cryptocurrency has been trading in this range, and this is an indication that it may break out. The solidity of the next resistance point would be at $2.25.
Once XRP can move past the resistance of $2.25, this will be a strong indication to traders. A break and retest of this level of support would signal a further bullish price move. At this point, Ripple may head towards $2.69, and the second resistance point at $2.45 before encountering the last resistance point. The market participants will pay close attention to price action at these levels to determine the trend of the movement.
Source: X
Also Read: XRP Decision Zone: $2.15–$2.25 Support Crucial for Next Move
The Relative Strength Index (RSI) will become significant when evaluating the power of such a possible breakout. The RSI estimates the market’s momentum. When the RSI shows strength, it is a sign that the price movement has enough momentum to propel it upward. A falling RSI, on the other hand, may indicate decreasing upward momentum and may indicate a reversal.
Sustaining Bullish Momentum
More Crypto Online has revealed that Ripple may reach $5 during this cycle. This is perceived to be achievable, especially when XRP is able to hold above the April bottom. If the market maintains its current bullish trend, $5 may become a more attainable target. Nevertheless, keeping the momentum by sustaining the support at the right levels will be important.
Source: X
With the Ripple nearing the resistance levels, traders are keenly observing the next step of Ripple. There is the possibility of a breakout above $2.25, followed by a confirmed retest of support, which could usher in a bigger rally. Conversely, failure to surpass these levels may result in the consolidation or even a retracement. The market is in a fragile position, and the next few days will play an important role in deciding the fate of the cryptocurrency.
Also Read: XRP Forecast Turns Bullish if $2.25 is Reclaimed: ETF News Adds Fuel
