- XRP has seen a 9% price surge over the past 24 hours, climbing from $2.02 to $2.21.
- XRP’s open interest remains strong at over $3 billion despite recent price corrections.
- Key resistance at $2.30 continues to cap upside momentum.
XRP is battling to maintain its position above the crucial $2 support level amid growing speculation about potential altcoin ETFs. Despite a 35% retracement from its February highs above $3, XRP’s market structure remains intact, supported by high open interest exceeding $3 billion.
The broader market has seen increased institutional interest, with CME Group recently announcing Solana futures—a move that has sparked fresh discussions about whether XRP and other altcoins could see similar institutional products. However, XRP remains in a tight trading range, with $2.30 acting as a key resistance level that bulls must break to confirm a reversal.
The decline in the XRP price follows a similar path of global market volatility which led by Bitcoin’s $80K drop. At the time of writing, XRP price is up around 6% and priced at $2.15, retraced after recording an intraday high of $2.21.
Market analysts also note that XRP price resilience to above $2 is a positive sign, but without a significant surge in volume, the token risks further downside pressure.
XRP Faces Resistance at $2.30
XRP’s technical indicators suggest a mixed outlook as price action struggles to establish clear momentum. The Bollinger Bands indicate contracting volatility, hinting at an impending breakout. If bulls can push XRP above $2.30, the next major target would be $2.50, with a stronger move potentially leading back to $3.
Crypto analyst CasiTrades, in a post on X, confirmed this claim, “If XRP can break above $2.50, that would invalidate any further downside and confirm that the new bullish trend is underway” He emphasized.
However, XRP’s MACD indicator remains bearish but shows early signs of a crossover, suggesting a potential shift in momentum. The 12-day EMA has crossed below the 26 EMA, further confirming the shift toward selling pressure. XRP’s daily chart has confirmed a death cross, where the 50-day moving average has fallen below the 200-day moving average—a historically bearish signal
Meanwhile, the RSI (Relative Strength Index) hovers near neutral levels at 46% reflecting market indecision.
A failure to reclaim $2.30 could result in another test of support at $2.00, and if that level breaks, XRP may slide toward the $1.77 region. If the altcoin loses its 0.50 Fibonacci retracement support, the next downside targets are $1.60 and $1.17.
Despite the price correction, XRP’s open interest has remained above $3 billion, indicating that traders are still engaged. Historically, sustained open interest during price pullbacks suggests that investors are holding their positions rather than exiting the market.
However, XRP trading volume has declined significantly, falling from over $40 billion in early February to under $5.2 billion. This drop raises concerns about the strength of buying pressure needed to drive Ripple’s prices higher.
After the SEC recently acknowledged XRP ETF, some analysts believe ETF speculation could help boost sentiment. Analysts are positive about XRP and trust its long-term potential. Valhill Capital has recently predicted that XRP could hit $18K and become a major cryptocurrency for global financial transactions. However, the current reality tells a different story.
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