XRP is showing signs of a strong rebound, currently trading at $2.64 after a 5.13% increase over the past 24 hours. This price movement has shown XRP’s ability to recover from recent lows, with the token now testing critical resistance levels.
The cryptocurrency is witnessing bullish momentum, supported by key technical indicators, but with market volume showing signs of caution.
XRP recently found support near $2.5028, a crucial level for the token’s price action. A notable rebound from this area saw the price climbing towards the $2.6268 resistance. This price point serves as a key test for the market, with the token struggling to break above it in the short term.
A successful breakout above the $2.6734 level could propel XRP toward $2.7379, potentially reaching as high as $2.7732. These levels are seen as significant resistance points, with any sustained move above them indicating a stronger bullish trend.
Additionally, XRP’s market capitalization currently stands at $152.16 billion, with a circulating supply of 57.7 billion tokens. However, trading volume has decreased sharply by 56.64%, dropping to $16.77 billion over the last 24 hours.
Despite the drop in trading volume, XRP’s fully diluted valuation (FDV) remains at $263.7 billion, suggesting potential room for growth if the current upward price trajectory persists. The reduced volume may point to short-term caution among traders, though the open interest in derivatives markets indicates a continued interest in XRP.
Derivatives market and sentiment
The derivatives market for XRP shows a mixed sentiment. While trading volume in options has dropped significantly, the open interest has seen a moderate increase of 4.25%, reaching $3.97 billion. The decline in options volume and open interest suggests that some traders may be reducing their exposure, but there remains a stable outlook for the token in the futures market.
The long/short ratios reflect a more bullish sentiment in shorter timeframes, with long positions slightly outweighing shorts in the 1-hour and 12-hour intervals.
MACD and RSI analysis
XRP’s MACD indicator signals mild bullish momentum. The MACD line is positioned above the signal line, and positive histogram bars indicate buying pressure. However, the momentum is weakening as the bars are growing shorter.
RSI is at 45.03, which is in neutral range. That would indicate that XRP is neither overbought nor oversold and there is still space up. These technical indicators are positive for bullish pressure, but the MACD and RSI signals show that the market may start a consolidation or a moving sideways phase before a big break out in the price.
