- XRP’s trading volume surged significantly, despite a minor 0.29% decline in price over the past day.
- Analysts point to XRP’s bullish trend, with $2.25 reclaimed, signaling a shift in market sentiment.
- A break above $2.30 could drive XRP towards $2.69 and $3.04, suggesting a potential for strong upward momentum.
As of press time, XRP is trading at $2.27, showing a 0.29% decline over the past day. The trading volume stands at $4.45 billion, reflecting a 94.28% increase. Over the past 7 days, the XRP coin has decreased by 0.43%.
Source: CoinMarketCap
CasiTrades has highlighted that XRP is displaying bullishness, as several higher lows are being drawn on the chart. The $2.25 reclaimed after the short drop is seen as a bullish technical indicator, showing that the opinion in the market has changed and accumulation may be coming to an end.
XRP’s Key Resistance Levels
XRP is currently being pushed down by the support near the $2.30 level. Once the cryptocurrency breaks this level, analysts suppose that the next targets would be at the price points of $2.69 and $3.04. These levels follow significant Fibonacci retracements. A successful break can result in a swift movement through these levels and it is a sign of renewed upward movement.
Source: X
Also Read: Ripple (XRP) Holds $2.20 Breakout with Explosive $4.80 Target
According to CoinGlass data, market activity has increased significantly. The trade volume of the token has increased by 110.90% to $9.03 billion. The open interest also increased by 5.19 percent, which currently stands at $4.91 billion. The XRP OI-Weighted Funding Rate is currently 0.0112%, indicating that a bullish mood is still observed in the market.
Source: CoinGlass
ETF Speculation Boosts Momentum
CoinCodeCap Trading has unveiled an important support level of Ripple at $2.00 and $2.10. The cryptocurrency is moving back to these important levels after its rejection at the $2.50 price point. CoinCodeCap implies a possible 20 percent upside expanding back to $2.50. This momentum might be fueled by ETF speculation, as speculation is growing that a Ripple ETF might be launched in 2025.
Major support areas of the token are at $2.00 and $1.60 and resistance is in the range of $2.50 and $3.00. The short-term trend is bullish, but medium-term indicators are neutral. There is a slight downward bias in the longer-term trends, but people are more interested in whether the token could surpass its resistance.
Source: X
With Ripple sitting close to critical price conditions, the focus is on whether it is capable of breaking the $2.30 and continuing on its rise. In case of success, it would become the start of a great price rally.
Also Read: XRP Holds $2.28 as Bulls Eye Breakout: Is $2.46 the Next Stop?
