XRP Price Shows Resilience, Climbing 1.25% to Trade at $2.29

This increase pushed its market capitalization to $132.96 billion, while the 24-hour trading volume jumped 47.98% to $11.98 billion.

XRP price showed resilience in the past 24 hours, rising 1.25% to reach $2.29. This gain pushed its market capitalization to $132.96 billion, while 24-hour trading volume soared by 47.98% to reach $11.98 billion.

The substantial increase in trading volume suggests growing interest in the market, which could influence price movements in the next few days. However, key resistance and support levels will determine whether XRP continues its upward journey or experiences further declines.

XRP Price Hinges on Key Support and Resistance Zones

Recently, XRP tested critical support and resistance areas, which are now influencing its short-term price direction.

Immediate support is found between the $2.20 and $2.25 levels. The price briefly dipped below this range before rebounding. A stronger support level lies around $2.15, where XRP previously stabilized after a decline.

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On the resistance side, the first barrier is at $2.35. Sellers showed up around this level during its recent price rise. If XRP breaks through $2.35, it might attempt to test the major resistance at $2.40.

A clean move above $2.40 could start further upward momentum. However, if XRP fails to hold support above $2.25, it could drop back to $2.15. This could indicate the beginning of a bearish trend again.

Technical Indicators Paint a Mixed Picture for XRP

Initially, XRP fell below the $2.25 mark, which usually suggests a short-term bearish setup. However, buyers stepped in, helping it recover above the $2.29 level. This indicates potential bullish interest.

The huge increase in trading volume adds to this optimism, making it more likely that XRP will test resistance at $2.35.

Even with the recovery, technical indicators suggest mixed momentum. The Relative Strength Index (RSI) is currently at 37.32, approaching oversold territory. If the RSI falls below 30, buying interest might increase, potentially leading to a price rebound.

On the other hand, the Moving Average Convergence Divergence (MACD) shows bearish signals. The MACD Line, at -0.03016, remains below the Signal Line, at -0.04974, confirming a negative trend. Additionally, the Histogram stays negative, indicating increasing selling pressure.

Derivatives Market Shows Speculation on XRP’s Future

According to Coinglass data, XRP’s derivatives market also saw increased trading activity, with volume rising by 40.54% to reach $16.26 billion. However, Open Interest, which represents the total value of unsettled derivative contracts, edged down slightly by 1.75% to reach $3.12 billion. This might suggest a minor decrease in bullish bets.

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At the same time, Options trading saw a huge surge, with volume leaping 155.63% to reach $3.15K. Options Open Interest also rose, increasing by 24.44% to reach $1.12 million. This indicates growing speculative interest in the direction of XRP’s price.