- The SEC’s tolerance may lead investors to feel more positive about XRP investments thus affecting both current trading quantities and future market value projections.
- The downward shift of 13.2% indicates sellers gaining strength yet a possible buyer intervention at $2.09 could stabilize the market.
- XRP has an opportunity to exceed $3.50 as long as both RSI stays above 65.26 and trading volume continues to remain robust.
Recent SEC actions indicate an industry-changing policy shift that will affect the whole market. Robinhood’s case-free investigation suggests that regulators have taken a measured approach towards regulatory practices which might positively affect XRP’s market perception. Investors might interpret this as a sign that regulatory scrutiny is easing, which could lead to increased confidence and trading activity in XRP.
The current price of XRP is at $2.18, reflecting a sharp 13.2% decline in the last 24 hours.The current value of XRP stands at 0.00002429 BTC while showing a 5.5% decrease value-wise. XRP demonstrates significant market volatility based on its $2.09 low and $2.49 high during the last 24 hours.
Rising selling momentum caused this abrupt price drop which signals bearish market trends to traders. The $2.09 price range shows support from buying activities yet XRP demonstrated inability to maintain the $2.49 resistance level.
XRP Eyes Surge With a Potential Double Top Pattern Formation
Analyst EGRAG CRYPTO suggests that a Double Top pattern is approaching and XRP soon might rise.However, he suggests that as long as XRP’s RSI holds above 65.26, the bullish momentum can continue. If the RSI falls below this level, a possible retracement to the 14-month Simple Moving Average (SMA) could occur before the market regains strength.
Moreover,bollinger Bands on the RSI, which currently show a widened range, indicating increased volatility.Previous market cycles suggest that the RSI tends to reach the upper band or even surpass it on a second attempt.Thus,If RSI manages to break through 77, it could signal further upside potential. Conversely, losing the 65 level could trigger a temporary decline, possibly leading to retesting historical support levels. Additionally, the 95.61 level appears to be a long-term target if bullish momentum remains strong.
XRP Volume Trends Hint at Potential Breakout Above $3.50
Data from Coinglass show that XRP volume and price from October to early July, XRP experienced a period of low volatility, with price movements largely confined between $0.289 and $0.50.
The significant price rise of XRP occurred during late October to early January when it exceeded $3.00. After reaching its peak, the price moved into a lower range which kept above $2.00 and trading volume remained high.
Looking ahead, if trading volume remains strong and XRP holds support levels between $2.00 and $2.50, a potential breakout above $3.50 could occur. Monitoring both critical price areas and volume volatility is essential for predicting XRP’s upcoming major price movement since it shows periodic trading cycles.
