XRP Under Pressure: Can Bulls Hold the Line Above $2?
- XRP is in a bearish phase, as it’s now signaling struggles to maintain momentum above the $2 level
- Analysts have been keenly observing whether a bullish hold can prevent further downfall
- By market value, the coin is still in the top 5 cryptocurrencies
XRP, is in a bearish phase, as it’s now signaling struggles to maintain momentum above the $2 level. The token has recently been going through an increase in volatility. Analysts have been keenly observing whether a bullish hold can prevent further downfall. At press time, the coin is trading at $2.31 with a 1.73% decrease rate.
Also Read: XRP Price Faces Renewed Pressure: 0.94% Surge Prediction
Price Movement and Market Dynamics of XRP
The coin has recently been hovering around the $2 mark. Although there is intense selling pressure for the coin, the larger altcoin market has also been experiencing an outflow. According to CoinMarketCap, the coin’s current market cap is about $139 billion, and it also has a volume of $7.91 billion. By market value, the coin is still in the top 5 cryptocurrencies.
Daily trading volumes are still increasing. This indicates that there are bullish signals in a short-term rally coming up. Technical indicators such as the relative strength index (RSI) show that the coin was overbought a week ago, leading to this consolidation.
According to TradingView, the coin is experiencing resistance (blue) around $2.3024 and can rise to $2.3500 if it goes beyond the level. The support level (yellow) of the coin is at $2.2267 and can dip to $2.2000 if the value drops below the line. The moving average indicator shows that the coin is now in bearish zones as the MA lines are above the candlesticks.
The Relative Strength Index also indicates that the coin is in a bearish momentum. This is because the indicator is showing a selling phase as the RSI lines are below the 50 median.
Investor Sentiment and Whale Activity
On-chain data shows mixed emotions for the coin among whales. Even though there is a bullish momentum going on social media activity of the coin is still on the increasing side. According to CoinGlass, the coin’s performance on this day is a decrease of 5.43%.
Also, XRP got legal recognition in India as the Madras High Court ruled “property capable of being possessed and held in trust” about cryptocurrencies like XRP.
Outlook
According to the data provided by CoinCodex, the coin might have an average price of $2.34 and a maximum price of $2.55 this month. The Potential ROI is 15.31%. Right now, traders are requested to remain cautious as the coin is going through a critical overselling zone.
Also Read: Ripple Prime Debuts in US, Offering Secure OTC Access to XRP and RLUSD
