XRP Shows Resilience in the Market

XRP has shown resilience in the past 24 hours, 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.

This significant increase in trading volume suggests growing interest in the market, which could impact the price in the coming days. However, key resistance and support levels will determine if XRP can continue its upward trajectory or decline again.

XRP Price Hinges on Key Support and Resistance Zones

XRP has recently tested essential support and resistance areas that are shaping its short-term price direction.

Immediate support is between $2.20 and $2.25. The price briefly fell below this range before bouncing back. A stronger support level is around $2.15, where XRP previously stabilized after a decline.

Related: XRP Faces Crucial Test at $3.00 as SEC Case Continues

On the resistance side, the first barrier is at $2.35. Selling pressure was observed 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 clear move above $2.40 could initiate further upward momentum. However, if XRP fails to hold support above $2.25, it could drop back to $2.15, suggesting a potential bearish trend.

Technical Indicators Paint Mixed Picture for XRP

XRP initially dipped below $2.25, which typically indicates a short-term bearish setup. However, buyers intervened, helping it recover above $2.29, signaling potential bullish interest.

The higher trading volume adds to this optimism, increasing the likelihood that XRP will test resistance at $2.35.

Despite the recovery, technical indicators portray mixed momentum. The Relative Strength Index (RSI) is currently at 37.32, nearing oversold territory. If the RSI drops below 30, buying interest could spike, potentially leading to a price rebound.

Conversely, the Moving Average Convergence Divergence (MACD) shows bearish signals. The MACD line, at -0.03016, remains beneath the signal line, at -0.04974, reinforcing a negative trend. Furthermore, the histogram remains negative, indicating rising selling pressure.

Derivatives Market Shows Speculation on XRP’s Future

Coinglass data shows an uptick in XRP’s derivatives market trading. Volume surged 40.54% to $16.26 billion. However, open interest—the total value of unsettled derivative contracts—declined by 1.75% to $3.12 billion, which may indicate a slight decrease in bullish bets.

Related: XRP Holders Fire Back After Gary Cardone Says “I Sold My $81,000 XRP”

In contrast, options trading volume skyrocketed by 155.63% to $3.15K, and options open interest rose 24.44% to $1.12 million. This trend hints at growing speculative interest in XRP’s price direction.

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