XRP Surges Over 5% in 24 Hours, Trading at $2.42
Key Resistance Zone Ahead for XRP
XRP has seen a significant uptick of more than 5% in the last 24 hours, bringing its price to around $2.42. This upward movement has positioned the token back within a critical resistance zone ranging from $2.31 to $2.36, an area where the price has faced multiple challenges in recent weeks. Traders are now eagerly observing to see if XRP can successfully break above this crucial level.
Potential Rally Targets
If XRP manages to achieve a daily candle close above $2.36, it could potentially trigger a fresh rally towards the next resistance levels at $2.44–$2.45. Further up, the subsequent key target would be around $2.61–$2.62, a level last seen in mid-May. A confirmed breakout above $2.36, especially if the price establishes this level as new support, would serve as a robust bullish signal for XRP.
Bearish Sign in Short Term
On a shorter time frame, XRP seems to be forming a rising wedge pattern, typically indicative of a bearish trend. This pattern would be validated if the price drops below $2.27. In such a scenario, XRP could experience a pullback towards short-term support zones at $2.21 and $2.17.
Future Outlook
In summary, a successful breakthrough above $2.36 could pave the way for bullish momentum, potentially propelling XRP towards $2.60. Conversely, a dip below $2.27 might lead to a temporary retracement in the price.
Expert Insights
An expert cautioned that despite XRP’s recent price surge, traders should exercise caution as global trading volumes remain relatively low. They highlighted the possibility of this move being part of a pump and dump scheme, emphasizing that substantial price movements typically occur when trading volumes exceed $10 billion, as seen during XRP’s previous surge from $0.58 to over $2.
Market Data Analysis
Santiment’s report revealed that XRP has reached a 7-week high, surpassing $2.39 for the first time since May 23rd. Currently, there are 2,742 wallets holding over 1 million XRP — just one less than the previous record of 2,743 wallets. These significant holders collectively possess 47.32 billion XRP, indicating their continued confidence in XRP’s future prospects.