The market is feeling anxious because XRP, the sixth-largest cryptocurrency by market capitalisation, has been trading at about $1 over the weekend.
Over the weekend, futures bets hit fresh highs as XRP surged to a three-year high of $1.263. With speculators placing bets on more volatility in the XRP price, open interest in XRP futures hit $2 billion on Sunday. The surge is being propelled by hope that regulatory obstacles would lessen.
Additionally, XRP Ledger may see a rise in institutional use due to the impending merger of French bank Société Générale’s euro stablecoin with Ripple’s RLUSD stablecoin.
XRP is now fluctuating in a range after a notable price spike. Over the past three days, the price of XRP has swung between $1 and $1.26, and everyone is wondering if the bulls can push it higher.
Will bulls surge higher?
With immediate resistance close to $1.26, the current XRP range is supported at $1. The future price direction of XRP might be determined by a breakthrough or a breakdown below these levels.
According to CoinMarketCap statistics, XRP is now seeing a drop in trade volumes, down 52.2% over the past day to $9.4 billion. An rise in transaction volume might indicate that bulls are becoming more interested.
XRP may aim for $1.41 and $1.96 if it breaks over $1.263 on substantial volume, thus opening the door for a further increase. Traders looking for clear-cut activity may be disappointed if XRP stays range-bound close to its present levels.
As of this writing, XRP was up 96% for the week and up 5.33% for the last day to $1.14. However, a drop below $1 may lead to retests of lower support levels, including $0.95 and perhaps $0.82.
Although the bulls have held the line thus far, a combination of technical indicators, market mood, and macroeconomic events may determine XRP’s next move. The direction of XRP in the upcoming weeks might be determined by any breakout or breakdown, so investors should keep a careful eye on critical resistance and support levels.
