• XRP trades at $2.94 with 24h gains of 4.24%, as volume jumps 174.48% to $5.55B, signaling strong market activity.
• Weekly growth of 5.82% keeps XRP momentum alive, with bulls targeting resistance at $3.01, $3.07, and $3.40.
• RSI at 51.90 and MACD easing show weakening selling pressure, supporting chances of a bullish continuation ahead.

Ripple (XRP) is currently trading at $2.94. The price indicates an increase of 4.24% over the past 24 hours. The trading activity is quite strong, and the volume has increased by 174.48% and is currently standing at $5.55 billion.

Source: CoinMarketCap

The XRP coin continued to experience consistent growth in the past week. During the period, its value has increased by 5.82%. The upward trend shows the steady market interest. Momentum indicates robust bullish action during the short term.

XRP Trend Hinges on Crucial Cycle Shift

Egrag Crypto, a crypto analyst, highlighted that the current cycle would revolve around a decisive level of $2.94. Provided that XRP is able to close above this zone with conviction, bulls might regain control. The first major test is the 33-day SMA at $3.01. A move above the 55-day SMA of $3.07 would provide better evidence of a trend reversal.

The higher way is not indefinitive. The final indicator of breakout momentum is the level of $3.40. Any failure above $2.94-$3.00 should probably prolong the throwback. September 1st’s low could represent a bottom, but it requires strong conviction. Daily closes are now the markets’ concentrated points on sentiment.

Source: X

Also Read: Pendle (PENDLE) Price Analysis: Will $4.40 Support Spark a Rally Toward $7?

Open Interest Gains Reflect Positive Market Sentiment

According to CoinGlass data, the trading volume increased by 199.96% to $6.34 billion. Open interest increased by 6.92% to $7.91 billion. Its funding rate is positive at 0.0078%, which is indicative of stable confidence among derivatives traders. Liquidity conditions indicate markets are ready to approach a sizable directional movement.

Source: CoinGlass

RSI Stability and MACD Movement Indicate Bullish Setup

The Relative Strength Index (RSI) stands at 51.90, slightly above the neutral mark. The RSI signal line is at 44.90, which indicates a smooth upward curve without overbought statistics. It is a positive indication that bullish pressure is back on traders.

Moving average convergence divergence (MACD) indicates a principal line value of 0.00777. The signal line has a -0.04502 value, and the histogram is -0.05279. The readings indicate that selling pressure is weakened. This can cross over bullishly and form a more positive argument for breaking up.

Source: TradingView

The immediate prospects of XRP are slightly optimistic. Volume increases, stable RSI, and relaxation in the MACD are evidence of adequate market structure. When XRP holds above the current price of $2.94, buyers may move to the current resistance bands of $3.01 and $3.07 levels. An affirmation of a rally to $3.40 would confirm a further advance in bullish extension, whereas weakness in the current zone would postpone it even further.

Also Read: Ethereum Hits Historic Milestone with $165 Billion in Stablecoins