XRP has shown signs of a bullish trend, and technical analysis has revealed a favorable price zone that may offer traders opportunities.
According to crypto analyst EGRAG CRYPTO, XRP is currently positioned in a “discounted price” range, with crucial support and resistance levels suggesting potential upward movement in the near term. The analysis centers on the support and resistance zones critical to determining XRP’s price movements.
The chart highlights a support zone around $2.0825, where the price has found stability. If XRP maintains its position above this level, the price has the potential to continue its upward movement.
The analyst also points to a resistance level near $2.6200, suggesting that XRP could target this upper range if the support holds.
A yellow trendline, marking an upward-sloping support line, solidifies that XRP is in a positive position for further price increases. However, the support zone at $2.0825 is critical. If the price breaks below this level, there is a risk of further downside movement.
Positive market indicators for XRP
As of press time, XRP was trading at $2.31, recording a 5.59% increase within the past 24 hours, reflecting a steady upward trajectory.
With a market capitalization of $132.13 billion and a 24-hour trading volume of $25.16 billion, XRP has seen an increase in investor interest. Over the past 24 hours, the asset has gained 5.56% in market cap and 15.37% in trading volume, signaling strong trading activity and confidence from the market.
The circulating supply of XRP stands at 57.25 billion, with a total supply of 99.98 billion. This information provides further insights into XRP’s liquidity and potential for continued market engagement.
Technical indicators signal bullish momentum
According to the technical indicators, the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) offer additional insights into the market sentiment surrounding XRP.
Currently, the RSI is at 48.24, signifying that the market is neutral. Values in this area imply stability, with no sign of movement towards either direction. A breakout above the 50 mark might be expected to mean renewed buying interest, while a fall below 40 might point to a selling signal.
On the other hand, the MACD has a bullish crossover formation. The MACD line at 0.0063 above the signal line at -0.0424 indicates upward short-term movement.
