- XRP trading surge sparks speculation on upcoming price movement direction.
- Strong support levels could lead to a potential XRP rebound.
- Institutional players may be behind XRP’s massive liquidity shift.
XRP has been making waves in the market recently, with a staggering 925,865,148 XRP traded in just 24 hours. This massive surge in liquidity has caught the attention of traders and investors, prompting speculation about the coin’s next big move.
Currently priced at $2.74, XRP is just above its 200-day moving average and near the 100-day exponential moving average (EMA). This may indicate stability, but the token has been trading in a descending triangle pattern, which raises concerns about its future.
The market is divided on whether XRP is gearing up for a bullish rally or is on the brink of a sharp decline. The 200 EMA has somehow supported XRP very well, but its recent price action below the short-term trendline indicates a loss of bullish energy.
A failure to hold above these levels could see XRP plummet further, with $2.60 marked as a critical support level. The ongoing market activity, however, suggests that larger players might be behind these fluctuations, either accumulating or redistributing their holdings, as reflected in the significant transactions and network activity.
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Can XRP Bounce Back or Will the Downtrend Continue?
Despite XRP’s notable on-chain activity, the market sentiment remains bearish. The Relative Strength Index (RSI) hovers between 38 and 40, indicating that XRP is nearing oversold territory.
Nonetheless, it has not yet reached excessive levels that would indicate an evident purchasing prospect. The key support levels will hold, and there is a technical bounce possibility. However, volume trends are inconsistent, and the pressure of sell-side dominance prevails in the short term.
As one of the most actively traded digital assets, XRP still maintains its position in the altcoin market due to its widespread use for cross-border payments. The token has the potential to rally strongly should it be able to push beyond the downward resistance trendline, indicating renewed bullish action.
If XRP stays above the $2.74-$2.80 range, it could be poised for a potential rebound, targeting $3.20-$3.50. However, without a significant surge in demand, further declines cannot be ruled out.
Also Read: Egrag Crypto: ‘XRP Will Shoot to $7.3 The Next Time This Happens’
