XRP is on the way to its positive momentum and experiencing a surge in its price with the overall market after a several weeks of market volatility triggered by macro factors. As BTC is moving towards its resistance at $105k also propels the altcoins, including XRP to get the maximum bonus. If a successful breakout occurs, then it will lead to new and fresh bullish trend.
At the time of writing, XRP is trading at $2.43 with a 24 hour trading volume of $4.68B and a market cap of $142.67B. XRP price over the last 24 hours is hit by market volatility and is slightly down by 4.83%. But over the last week, its price is up by 7.47% and showing strong signals for the next breakout.
XRP hits resistance at $2.65 amid reversal signs
XRP is having trouble sustaining above the crucial $2.50 level as bearish pressure continues to gather pace. Recent price activity indicates high selling pressure. The Relative Strength Index (RSI) has fallen into oversold, but not enough to create a bounce. The Moving Average Convergence Divergence (MACD) indicator remains deeply negative, further validating the assertion that bears are currently dominant.
A decline below $2.48 would confirm bearish formation and set XRP at risk for another correction to $2.40. A key support level that has been used as a springboard for buying rallies historically. This region can also serve as a decision for traders, and a failure to hold there may trigger a cascade of selling and hasten the decline. On the upside, momentum seems restricted short of a surge in volume or major catalyst.
For XRP to regain its bullish momentum, it must recapture the $2.65 resistance level, currently functioning as a barrier to any upside attempts. In the absence of increased buying pressure, any climb can be expected to be rejected and lead to further sideways action. While XRP trades inside this constricting range, everyone is waiting to see if the next break confirms the existing bear trend or sets off an unexpected turn from oversold extremes.
