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XRP has formed support at $2.30 as investors have traded the asset actively in the last 24 hours. Unlike earlier in the month, XRP’s bearish volatility appears to be thinning out, emphasizing recovery.
Can XRP sustain $2.30 amid market uncertainty?
Data from CoinMarketCap shows that XRP's fluctuations within the past few hours have not seen it drop below the $2.30 mark. This lends credence to the level of crucial new support for XRP.
XRP has climbed to $2.3308 in today’s trading activity as it resumes its bullish rally on the cryptocurrency market.
Godfrey BenjaminDespite this positive development, analysts have expressed concerns about the altcoin’s ability to sustain this renewed rally. They highlighted that XRP’s trading volume is thinning out as investors pull back.
XRP’s trading volume has declined by 13.67% to $3.09 billion as of this writing. This drop in volume could negatively affect XRP's growth trajectory if sustained in the coming days.
Notably, market participants could entertain worries that the price growth could trail the trading volume fading out. This fear could cause investors to hold on to funds that they would have otherwise committed to the asset.
Interestingly, according to CoinGlass data, XRP open interest has increased by 2.61% in the past 24 hours. However, with the declining trading volume, open interest has slipped into the red by 0.2% in the last hour.
Institutional interest could drive XRP's future gains
Market observers note that XRP’s ability to stabilize at $2.30 and flip the next formidable challenge could determine its price outlook.
Some analysts predict that XRP will face a crucial resistance at $2.40. However, if XRP breaks this resistance and sustains momentum, it could retest $2.90, the opening price for March.
Tomiwabold OlajideSo far, XRP has remained resilient compared to other coins on the crypto market. As noted by Weiss Crypto, XRP has continued to attract institutional interest and funds despite the broader market downturn.
As reported by U.Today, XRP has continued to attract bulls who have shifted away from Bitcoin.
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