XRP's price movement has taken a downturn, with the token shedding 2.09% in the last 24 hours. This reversal comes after a 1.25% gain on Monday, leaving XRP trading at $2.07. The decline mirrors the broader crypto market's 0.13% dip, which saw the total market capitalization fall to $2.65 trillion.
Notably, despite the price drop, XRP's trading volume surged 6% to $2.43 billion, indicating a significant level of market activity.
Since January 2025, XRP has been trading in a well-defined descending channel with established upper and lower boundaries. The upper resistance of this channel is around $2.20, while support is near $1.94. A sustained breakout above the upper trendline would confirm a bullish trend reversal. Technical indicators are aligning for what could be an interesting price movement in the coming weeks.
XRP's price movement shows a bearish trend since January 2025, with the token steadily declining from its peak of approximately $3.40 to its recent lows near $1.96. This represents a decline of over 42% in the past few months. However, recent price action indicates accumulation at lower levels, with the token forming a potential reversal pattern.
EMAs show bearish alignment, with shorter-term EMAs crossing below longer-term ones. However, recent price action shows XRP attempting to break above these EMAs, which could signal a shift in momentum if successful.
XRP price holds between a rock and a hard place, trading at $2.07. Support at $2.00 is intact, but upside movement has been capped at under $2.22, a resistance highlighted by the 100-day EMA.
RSI reads 47.41, hovering near the midpoint level. Implying that XRP is neither overbought nor oversold, but the gradual upward curve indicates building bullish momentum that could support further price appreciation.
The chart shows a potentially inverted head and shoulders pattern, which is symmetric with the head projected at around $1.96 and shoulders at around $2.07. The resistance level at the neckline is located near $2.17, and a verified break from this mark could facilitate escalation to levels targeting a range of $2.50-$2.60.
The immediate resistances are hereby posited to be $2.17 and the psychological $2.20 level. Should the bulls continue the momentum and break above these levels, the next targets will be $2.37 (the resistance from February) and potentially $2.60.
On the flip side, strong support resides at $1.96, where the lower boundary of the descending channel further supports it. Below this lies the psychological support of $1.80. A break below these levels could take the price towards $1.60.
With Bitcoin recently crossing the $87,000 threshold, traders will be on the lookout for XRP and other altcoins that could benefit from favorable market sentiment. Any breakout attempts accompanied by considerable volume would validate that the breakout has strength and is sustainable.
Paul Atkins has officially begun his role as the 34th Chair of the US Securities and Exchange Commission (SEC), promising to bring clarity to crypto regulations. Atkins is a known supporter of digital assets, his return to the SEC is exciting for the crypto community.
“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” Atkins said in the press release.
There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Atkins' appointment as the SEC chair could fast-track the approval process of the ETFs.