- XRP shows resilience amidst market downturn, signaling potential bullish wave ahead.
- Key support levels at $2.30 and $2.20 indicate strong buyer interest.
- Whale activity sees 60 million XRP sold, but price holds steady, showcasing strength.
The cryptocurrency market experienced a sharp decline over the past 48 hours, with Bitcoin (BTC) dropping from $102,000 to $94,000.
Amidst this bearish trend, BTC dominance surged to over 58%, while altcoins faced intense pressure. However, XRP has demonstrated remarkable resilience, showcasing potential for an upward move despite broader market challenges.
According to EGRAG CRYPTO, a leading market analyst, XRP appears poised to begin a bullish wave, often described as “going up the stairs.” As of press time, the current price of XRP stands at $2.35, reflecting a daily gain of 1.63%.
This modest increase highlights the token’s ability to hold steady amid widespread selling pressure in the market. EGRAG CRYPTO’s analysis suggests the start of Wave 3, characterized by steady upward momentum.
Price Performance and Key Levels
XRP’s price trend over the past day reveals an overall upward trajectory despite some fluctuations. On the support side, the $2.30 level has emerged as a key zone, as buyers intervened strongly during intraday dips. Additionally, a more significant support level lies at $2.20, previously tested during deeper market corrections.
Resistance levels include $2.40, where the token faced rejection during recent attempts to move higher, and $2.45, a crucial level to watch if bullish momentum gains traction.
Technical Indicators and Momentum
Technical indicators also reflect XRP’s current state. The Relative Strength Index (RSI) is at 54, signaling neutral momentum with room for either growth or decline. Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows a slightly bullish trend. The histogram, however, suggests limited strength in the upward movement.
Whale Activity and Trading Volume
Ali Martinez, a prominent crypto analyst, reported that whales sold 60 million XRP in the last 24 hours. This massive sell-off, valued at approximately $142 million, highlights the volatility in large-scale trading.
Interestingly, XRP managed to remain resilient despite this selling pressure. Trading volume, however, declined by 5.54%, signaling possible consolidation or reduced market interest during the session.