XRP Price Analysis: Will the Bulls Prevail Despite Recent Rejections?

Once again, the XRP price has faced a rejection from a crucial resistance zone, sparking concerns of a potential bearish pullback. While the technical indicators are not completely in favor of the bulls, market sentiments remain somewhat bullish, keeping hopes of an upswing alive. However, sustaining above a key support zone is essential for the bullish thesis to remain valid.

In recent days, XRP has seen significant transfers of over $350 million, with Ripple and Crypto.com identified as key movers. Ripple has reportedly moved nearly 50 million XRP, while Crypto.com transferred 94.3 million XRP to anonymous wallets. These large transfers suggest potential OTC deals or liquidity provisioning activities. Additionally, Ripple continues to offload XRP to support its operations and stabilize markets.

Furthermore, Ripple recently burned 4 million RLUSD following a minting pause, signaling ongoing adjustments in its stablecoin strategy as it tests market dynamics. With no new RLUSD minted in weeks, all eyes are on XRP as it prepares for potential price action amid increased whale activity.

XRP appears to be in a critical phase, with a potential bearish divergence on the horizon. The convergence of the 50/200-day MA signals a possible bearish crossover, while the bullish turn in the Gaussian channel suggests rising bullish dominance that could propel the price back to the resistance zone. However, the RSI and CMF indicators point towards a decrease in buying volume and volatility.

As a result, XRP is expected to consolidate horizontally between $2.5 and $2.6, with a breakout towards $2.83 likely with increased bullish pressure. This breakout could pave the way for a push towards $3 and potentially new all-time highs.