Price prediction for XRP: Bulls are in control, but resistance is still present at $2.30. What Comes Next?
On Monday, the price of XRP continued to rise, reaching a five-day high of $2.29. Since mid-May, the coin has had difficulty gaining traction over $3.00; a break above that mark could increase the likelihood of a prolonged upward trend. Over the past day, there has been a 61% increase in trading volume, with XRP trading at about $2.57. A price increase and such a dramatic increase in trading volume highlight a strong momentum that is probably going to drive the coin higher.
The price of XRP will continue to receive support in the near future as the upcoming approval of the spot ETF enhances the medium-term outlook. Banks are increasingly turning to Ripple’s settlement infrastructure as the coin’s institutional usage grows. In the meantime, $200 million worth of Real World Assets (RWA) on the XRP ledger will be tokenized by cryptocurrency exchange Mercado Bitcoin. XRP was previously tokenized by the Latin American exchange to settle cross-border transactions between Brazil and Portugal totaling $185 million.
Technically speaking, a robust RSI, which as of this writing was at 57 on the daily time frame, supports the upward movement of the XRP price. Furthermore, it is safely above the $2.16 Volume Weighted Moving Average. In addition, open interest contract values increased by 4.65% to $4.80 billion during the past day. That strengthens the case for a prolonged increase in the price of XRP in the foreseeable future.
XRP Price Prediction
The price of XRP pivots at $2.27, and any movement over that level indicates that buyers are in charge. If action remains above that level, the coin will probably continue to rise. At $2.28, there will probably be some early pushback to that. If that level is broken, the way will be open for additional gains to test $2.30.
Alternatively, the momentum will become negative if it breaks below $2.27. The primary support for that will probably be established at $2.26. If the price drops below that level, the upward story will be void. Furthermore, the ensuing momentum can cause XRPUSD to decline and test $2.24.
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