After a week of bearish movement, the XRP market is now at a crossroads. Market indicators suggest a potential bullish trajectory as XRP tests the Fibonacci 0.382 level at $2.3140. However, a pullback remains in sight if the price fails to close above this key resistance.
XRP tests critical Fib 0.382 level: Bullish move?
Tracking the current market movement indicators, XRP price is currently testing the Fibonacci 0.382 level at $2.3140, potentially closing above this level. This zone represents a critical point for XRP, as a sustained move above this resistance could indicate a bullish reversal.
Key Fibonacci retracement levels are notable, with the 0.236 level at $2.1520 and 0.618 at $2.5760. The price has recently rebounded from a low around the 0.236 Fibonacci level, showing positive momentum. The Relative Strength Index (RSI) is 59.28, suggesting that XRP is neither overbought nor oversold and supporting the possibility of further movement.
The RSI has recently shown a bullish divergence, indicating strengthening momentum. If XRP manages to break and close above the critical 0.382 level, it could signal the start of a potential rally. However, failure to maintain above this level could lead to a pullback toward lower Fibonacci levels.
Current market movement
According to CoinMarketCap data at the time of press, The image displays XRP’s market statistics and a price chart. XRP is currently trading at $2.31, showing a 2.92% increase within the past 24 hours. The 24-hour trading volume stands at $5.77 billion, representing a 6.21% rise in volume. XRP’s market cap is $134.69 billion, reflecting a 3.04% increase.
The circulating supply is 58.1 billion coins out of a total supply of 99.98 billion. The maximum supply is capped at 100 billion. The FDV (Fully Diluted Valuation) is reported at $231.79 billion. The data illustrates XRP’s price fluctuations over the past day.
The price rose to a high of $2.30 and above. This can be attributed to the rising trading volume and that it has become a market that attracts more capital. The main event will unfold with regards to the position of XRP at the 0.382 Fibonacci level. Barring a breakout above this level, a pullback is potential whereas a breakout above this level could signal an up move.
