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XRP showed resilience within the last seven days as its price appreciated by 6.29% over the period. The coin’s price is currently at a make-or-break point, as per the Bollinger Bands signal. CoinMarketCap data shows that XRP’s price is around the middle band.
XRP is trading near key technical pivot
Notably, this is a pivotal point for XRP’s price, and the asset could move in either direction depending on market forces. Favorable support from users could drive the coin’s price upward to break resistance levels and reclaim higher levels.
However, if XRP records low engagement, the asset is likely to continue its volatility struggles in the crypto space with a price around the middle Bollinger Band.
In the last 24 hours, XRP has fluctuated between a daily low of $1.35 and a high of $1.41. As of this writing, XRP changes hands at $1.36, which represents a 2.7% decline within this time frame. The trading volume is also in the red, down by 12.8% at $2.07 billion.
This bearish pressure is as a result of broader global financial market developments, including escalating tensions in the Middle East.
Additionally, the crypto sector has taken a hit after the U.S. showed signs of economic weakness following the February job reports.
A recovery for XRP is largely hinged on the $1.30 support. If investors increase their buying activity and defend this level, XRP is likely to rebound to the $1.42 level. The current trading volume does not suggest market participants are willing to go all out to support the coin.
Nonetheless, in the crypto space, the market can swing very fast, and nothing is ruled out. However, if XRP breaches the $1.30 support, it might increase selling pressure and worsen the downward slip. Such a development could further sink XRP’s price toward $1.20.
XRP whale activity and liquidity could trigger breakout
As U.Today reported, within the last 96 hours, there has been an increased liquidity crunch on Binance.
The development remains a potential trigger for an upward price shift. For this to happen, XRP whales need to step in and halt the downward slip.
Crypto chartist Steph is Crypto argues that XRP is primed for large holders to move the price much faster than it currently does.
Meanwhile, the asset’s chart indicates two opposing forces at play. Depending on market forces and investors’ participation, XRP’s price could crash below $1 or soar to $2. The coin has not been able to maintain stability above $2 in the last 30 days.
Dan Burgin
Vladislav Sopov
