Ripple (XRP) is currently trading at $2.84, showing an increase of 0.42% over the last 24 hours. Although the price has slightly decreased, the trading volume has shot up by 23.44% and is currently standing at $6.71 billion. Such growth in trading volume shows a bullish sign in the market activity.
Source: CoinMarketCap
Over the past week, the price of XRP has decreased by 7.4%. Nonetheless, the trading volume has notably increased, which indicates that it still attracts the attention of investors and may support the price in the future days even after it fell.
Crypto analyst Ali Martinez highlighted that XRP has managed to protect its support level of $2.71, which is important for maintaining price stability. This favor is one of the primary signs of resilience in the market and may ensure a decrease in further falls. In the case that the buying pressure goes up, Ripple can have a rebound to $3.60.
The crucial task for XRP will be to uphold the support level of $2.71 in order to continue on an upward trajectory. An increase in purchasing movements might contribute to changing the market mood, propelling the price upwards. XRP may hit the target of $3.60, with steady purchase pressure indicating potential growth.
Source: X
Kamran Asghar, another analyst, revealed that there is a developing triple bottom pattern. This trend line is commonly an indicator of a big turnaround. Analysts say that an escape from the present resistance may see the price soar. The current objective of XRP is a breakout above levels of resistance.
Source: X
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The Relative Strength Index (RSI) is 42.92, slightly less than a neutral 50 value. This indicates that there is a small bearishness, but the market has not been overbought or oversold. The increase in purchasing action may lead the RSI to cross out of the neutral 50 line and indicate a possible inversion.
The Moving Average Convergence Divergence (MACD) data indicates a mixed future. The MACD line is at -.01842 and the signal line is at -.01767, meaning that momentum might change soon. The MACD histogram remains in red, indicating bearish behavior. Nevertheless, when the MACD line shifts above the signal line, a bullish contravention can occur.
Source: TradingView
According to CoinGlass data, the trading volume increased by 41.47% and is at $9.64 billion. Meanwhile, Open Interest decreased by 0.85% to $7.54 billion. The XRP OI-Weighted Funding rate stands at 0.0037%. These indicators show that XRP might be setting up a solid price action, even after the recent decline.
Source: CoinGlass
Also Read: XRP Whale Transaction Sparks Bullish Momentum as Price Eyes $3.65 Breakout
Also read: Pundit Says You Do Not Need an LLC to Hold XRP
