Bulls In Control But Resistance Persists at $2.30. What Next? – Crypto News – Crypto News
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Bulls Hold $130B Market Cap as Settlement Buzz Heats Up Bulls Hold $130B Market Cap as Settlement Buzz Heats Up

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Bulls In Control But Resistance Persists at $2.30. What Next? – Crypto News

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3 weeks ago

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Summary:

  • XRP price is consolidating just below the $2.30 mark and its key metrics signal that the upside traction is getting stronger.

XRP price stayed on the upside on Monday, hitting a five-day high of $2.29. The coin has struggled for traction above $3.00 since mid-May and a break above that level could raise the prospect of an extended upside. About $2.57 worth of XRP was traded in the last 24 hours, with the trading volume up by 61%. Such a sharp spike in trading volume accompanied by a price increase underlines a strong momentum that will likely push the coin higher.

The impending spot ETF approval improves the medium-term outlook for XRP price and will continue providing support in the near-term. Institutional adoption of the coin is growing, with banks increasingly leaning towards Ripple’s settlement infrastructure. Meanwhile, crypto exchange Mercado Bitcoin plans to tokenise $200 million worth of Real World Assets (RWA)on XRP ledger. The Latin America-based exchange previously tokenised XRP to settle $185 million worth of cross-border transactions between Brazil and Portugal.

On the technical front, XRP price upside is supported by a strong RSI which was at 57 on the daily time frame as of this writing. In addition, It is comfortably above the Volume Weighted Moving Average, which is at $2.16. Furthermore, the value of open interest contracts rose by 4.65% in the last 24 hours to $4.80 billion. That adds credence to the likelihood of an extended upside by XRP price in the near-term.

See also

XRP Price Prediction

XRP price pivots at $2.27 and action above that level signals control by the buyers. The coin will likely extend the upside if action stays above that level. That will likely see initial resistance encountered at $2.28. Breaking above that level will clear the path for further gains to test $2.30.

Alternatively, breaking below $2.27 will shift the momentum to the downside. That will likely see primary support established at $2.26. The upside narrative will be invalid if the price breaks below that level. In addition, the resulting momentum could push XRPUSD lower and test $2.24.

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