XRP has shown resilience in the past 24 hours, climbing 1.25% to trade at $2.29. This increase pushed its market capitalization to $132.96 billion, while the 24-hour trading volume jumped 47.98% to $11.98 billion.
This big increase in trading volume suggests growing interest in the market, which could move the price in the next few days. However, key resistance and support levels will decide if XRP can keep going up or drop again.
XRP Price Hinges on Key Support and Resistance Zones
XRP has recently tested critical support and resistance areas, which are now shaping its short-term price direction.
Immediate support is between $2.20 and $2.25. The price briefly fell below this range before bouncing back. A stronger support level is around $2.15, where XRP previously stabilized after going down.
Source: CoinMarketCap
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On the resistance side, the first barrier is at $2.35. Selling pressure showed up around this level during its recent price rise. If XRP breaks through $2.35, it might try to test the major resistance at $2.40.
A clear move above $2.40 could start further upward momentum. But, if XRP fails to hold support above $2.25, it could fall back to $2.15. This could mean a bearish trend is starting again.
Technical Indicators Paint Mixed Picture for XRP
XRP initially dipped below $2.25, which usually suggests a short-term bearish setup. However, buyers stepped in, helping it recover above $2.29. This shows potential bullish interest.
The higher trading volume adds to this optimism, making it more likely XRP will test resistance at $2.35.
XRP/USD daily price chart, Source: TradingView
Even with the recovery, technical indicators point to mixed momentum. The Relative Strength Index (RSI) is currently at 37.32, getting close to oversold territory. If the RSI drops below 30, buying interest might increase, possibly leading to a price rebound.
On the other hand, the Moving Average Convergence Divergence (MACD) shows bearish signals. The MACD line, at -0.03016, remains under the signal line, at -0.04974. This confirms a negative trend. Also, the histogram stays negative, indicating increasing selling pressure.
Derivatives Market Shows Speculation on XRP’s Future
Coinglass data shows that XRP’s derivatives market is also seeing increased trading. Volume rose 40.54% to $16.26 billion. However, open interest—the total value of unsettled derivative contracts—edged down by 1.75% to $3.12 billion. This might mean that bullish bets are slightly decreasing.
Related: XRP Holders Fire Back After Gary Cardone Says “I Sold My $81,000 XRP”
At the same time, options trading has shot up, with volume leaping sky-high by 155.63% to $3.15K. Options open interest also increased, up 24.44% to $1.12 million. This points to growing speculative interest in where XRP’s price will go.
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