What to Know:
- XRP is currently trading around $2.46, showing a 9% increase over the past week, with analysts eyeing the $2.70 resistance level.
- Technical analysis suggests potential bullish setups if XRP breaks through resistance, supported by moving averages and accumulation patterns.
- Recent spot XRP ETF filings and on-chain data indicate growing institutional and investor interest in XRP, possibly influencing future price movements.
XRP is currently trading at $2.46, demonstrating a 9% rise over the past week, capturing the attention of traders and investors. Technical analysis indicates that the cryptocurrency is consolidating near the top of its recent range, with the $2.70 resistance level being closely monitored. The potential approval of spot XRP ETFs may further impact market dynamics.
Analysts are closely watching the $2.70 resistance zone, which has historically acted as a barrier to upward movement. A successful break and retest of this level as support could signal further bullish momentum, potentially targeting $3.20. Moving averages, such as the 55-week MA and the monthly 10 EMA, are also crucial support indicators.
$XRP Technical Analysis 👇
Vertical Accumulation S/R ✅
Horizontal Support/Resistance ✅
$2.70 = Resistance To Break ✅
Vertical/Horizontal Support 2 Hold ✅ https://t.co/5hRszf2sVu pic.twitter.com/MMZvYXwicH
Intraday charts reveal potential short-term pullbacks, which analysts view as healthy resets for new setups. Key Fibonacci support levels and potential drops below $2 are being considered as possible scenarios before larger moves occur. On-chain data suggests continued accumulation by larger holders, reflecting sustained interest.
The recent updates to spot XRP ETF filings by Bitwise, Franklin Templeton, 21Shares, and others, including new language to support a streamlined review process, have sparked optimism. The listing of these proposed ETFs on the DTCC signals progress toward a possible launch, potentially attracting more institutional investment. XRP’s ability to show strength at key levels, even as other large-cap tokens follow broader market trends, underscores its unique position.
In conclusion, XRP’s current technical setup, combined with growing institutional interest and potential ETF approvals, paints a cautiously optimistic picture for investors and traders. Monitoring key resistance and support levels will be crucial in determining the next phase of XRP’s price action.
Source: Original article
