TLDR
- XRP trades at $2.87 with a 1.13% drop in 24 hours but 0.69% weekly gain
- Price consolidating between $2.82 and $2.94 support and resistance zones
- Analysts see chart similarities to 2017 before major rally occurred
- Critical breakout level identified at $3.65 with potential move to $4.50
- Trading volume down 17.35% to $4.91 billion as market consolidates
XRP is currently priced at $2.87 following a 1.13% decline over the past 24 hours. The cryptocurrency recorded a 0.69% increase across the last seven days.
Trading volume for XRP decreased 17.35% to $4.91 billion according to CoinGlass. Daily volume sits at $4.89 billion based on current market data.
The token is trading within a narrow channel between $2.82 and $2.94. These levels represent key technical zones for XRP price action.
Support sits at $2.82 where the 100-day exponential moving average provides a floor. Resistance appears at $2.94 which corresponds with the 50-day exponential moving average.
Exchange reserves for XRP have increased recently. This metric suggests accumulation may be occurring as tokens move to exchanges.
The wider cryptocurrency market gained strength last week. Bitcoin and Ethereum both posted gains starting Friday which helped lift altcoin prices including XRP.
XRP Price Chart Mirrors 2017 Rally Structure
Crypto analyst CRYPTOWZRD identified similarities between current XRP charts and 2017 patterns. The 2017 setup preceded a major price rally for the token.
Weekly timeframes show XRP in what appears to be an accumulation zone. The consolidation pattern resembles price behavior before the 2017 breakout.
The critical resistance level sits at $3.65 according to technical analysis. Breaking through this price point could trigger the next bullish phase.
If XRP moves above $3.65, analysts project a potential rise toward $4.50. Surpassing that level would push the cryptocurrency into price discovery territory.
Market Data Shows Decreasing Activity
Open interest in XRP futures declined 2.34% to reach $7.46 billion. The OI-Weighted Funding Rate currently stands at 0.0060%.
Liquidations totaled $6.63 million over the past 24 hours. Long positions made up $4.01 million while short positions accounted for $2.61 million.
Analyst Crypto Catalysts highlighted the consolidation range between $2.82 and $2.94. The token is testing these boundaries as traders watch for a breakout.
Lower trading volume and open interest reflect a quieter market period. However technical indicators suggest the consolidation may be ending soon.
Ripple Developments Support XRP Fundamentals
Ripple’s legal case with the SEC concluded with a partial win for the company. This outcome removed uncertainty that previously weighed on XRP price.
The company continues expanding its cross-border payment technology. Real-world use cases provide ongoing demand for XRP in financial applications.
Rising exchange reserves point to potential buying interest building in the market. This metric often precedes increased volatility and price movement.
XRP remains below the $2.94 resistance level as consolidation continues. Market participants are monitoring whether the token can break through to confirm movement toward $3.65 and higher targets.
