XRP has gained significant momentum, bouncing over 35% since the last update prepared by the market analyst Hov. However, the cryptocurrency is now at a critical resistance point, making it a pivotal moment for traders and investors.
Short-term outlook and hedge opportunity
Currently, a 35% uptick has been recorded since the surge was recorded. In lower timeframes, XRP’s price action shows a promising pattern. Yet, the current situation calls for caution. The price is near a crucial resistance level, which could trigger a reversal if the price fails to sustain above it.
After further examination, it is clear that XRP is in an accumulation phase, and trading takes place in the range of $1.80 and $2.40. This implies a technical outlook of an upward trend or a bullish trend towards $4.50, as indicated in the price chart above. Following these, current price levels have remained below the key resistance levels therefore, more oscillations within the red box may persist.
During the last update by the market analyst, it is notable that XRP surged past $2.00 before entering a consolidation phase within the red box. Current market activity indicates a downward trend, potentially hitting a support level near $1.60.
This movement aligns with patterns observed in wave theory, with a possible bounce around $1.60 before resuming upward momentum toward $3.00.
XRP market insights and key support level to watch
If the pullback occurs to 1.87, it could be a buying point for anyone following the XRP asset. But this level must persist to support any prospects of a bull run. If the price closes below this particular support level on the higher timeframes, then there are more chances of going down to the prior lower levels. In the next move, therefore, XRP has to hold the 1.87 support level.
Tracking the current readings and market movement, Coingecko data indicates that the XRP price has shown a slight decline, trading at $2.10, down by 1.9%. In the 24-hour range, the price fluctuated between $2.04 and $2.14.
The highest recorded price in the timeframe was $2.11, with the lowest at $2.10. Trading volume for the 24-hour period reached $2.7 billion. XRP’s market cap stands at approximately $121.95 billion.
