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XRP saw a significant rebound at the week's start after a brutal sell-off over the weekend that brought its price momentarily below $2. In a four-day drop, XRP reached a low of $1.90 on Sunday, where price eventually found support.
Monday saw a sharp recovery for the XRP price, with it surging 10% at one point. The rise continued on Tuesday, reaching $2.20, where bulls faced short-term resistance.
As the rebound meets a wall at $2.20, XRP now seems quiet, currently stuck at $2.18. At press time, XRP was down 0.6% in the last 24 hours to $2.18 as the market faces slight profit-taking as bears sell the recent rally.
In a telling signal of current sentiment, XRP’s trading volume dropped 45.22% in the last 24 hours to $2.79 billion, per CoinMarketCap data, suggesting hesitancy from both bulls and bears.
Major move brewing?
Technical indicators are currently neutral, with the Daily Relative Strength Index (RSI) just at the midpoint, suggesting market indecision. Indicators remain on edge in anticipation of the next major move, ready to flip in either direction depending on the next catalyst.
If XRP decisively breaks above $2.20, the next resistance is anticipated at $2.26, which coincides with the daily SMA 50 ahead of the daily SMA 200 at $2.37. Major resistance is expected near $2.50, with $2.65 being the next psychological checkpoint. However, failure to hold above $2.00 could see XRP retrace toward $1.75 or even lower, particularly if volume remains muted.
In a significant milestone for the XRP Ledger, Version 2.5.0 of Rippled has been released. The update includes significant changes to the XRPL ecosystem, including batch transactions, token escrow IOU and MPT support.
Vladislav Sopov
U.Today Editorial Team