XRP Price Update

XRP, the 4th biggest cryptocurrency, is trading at $2.36 with a market cap of $136 billion. Recently, there has been an 11% pullback in XRP over the past 24 hours due to increased price fluctuations in the crypto market.

Despite this, XRP has maintained a positive 7-day return of 6.14%. This volatility is testing a crucial support level, suggesting XRP is at a significant crossroads.

XRP Technical Analysis

In the daily chart, a massive bullish engulfing candle indicated a nearly 35% surge on Sunday, but the bearish performance of the broader market caused a pullback from the psychological $3 mark. On Monday, XRP’s price fell by 18.83%, forming a bearish piercing candle, and it further declined by 1.39% with a 24-hour low of $2.21.

The lower price rejection highlights a bullish dominance at the 38.20% Fibonacci level at $2.22, supported by the dynamic average line of the 100-day EMA. However, short-term volatility has led to a bearish crossover between the 50- and 20-day EMA lines. Currently, XRP is supported by the 38.20% Fibonacci level, indicating a potential rise to the 23.60% Fibonacci level at $2.63.

Major price fluctuations have disrupted the previous symmetrical triangle pattern. Still, the MACD and signal line show a positive alignment due to the recent bullish spike. The long-term averages of the 100- and 200-day EMA lines also maintain positive alignment, suggesting a consolidation before resuming bullish recovery.

Will XRP Price Recover Above $3?

Despite increased price fluctuations, crypto whales are buying XRP. Analyst Ali Martinez reported that whales purchased nearly 1 billion XRP tokens in just 24 hours.

To sustain a bullish trend, XRP needs to maintain above the $3.00 psychological mark for a recovery run. According to Fibonacci levels, crucial resistance is located near the $3.30 mark. If the price surpasses this level, it could reach the overhead resistance trend line around $3.72. Meanwhile, the main support level stands near the 50% Fibonacci level at $1.89 and the 200 EMA line.