🔔🔔🔔 Pay attention to the strength of $XRP
Current Price and Market Situation
XRP is currently trading at around $2.39, slightly down about 3.63% from the previous day. The daily high reached $2.49 and the low was $2.38, indicating a narrow trading range. XRP has established a strong position in the cryptocurrency market, recently surpassing Tether to become the third-largest cryptocurrency by market capitalization, nearing $150 billion. This achievement highlights the growing interest in XRP and its utility in digital payments.
Technical Analysis
The price action of XRP shows clear patterns across different time frames:
1. Short-term (1-hour chart):
• Price oscillates around $2.4187, accumulating near the lower Bollinger band.
• Indicators such as MACD show downward momentum with a crossover below the signal line, while RSI holds a neutral level around 50.
• Key levels to watch:
• Support: $2.40
• Resistance: $2.43 to $2.51
2. Mid-term (4-hour chart):
• Price is accumulating around the middle of the Bollinger band, signaling a potential breakout if upward momentum resumes.
• MACD shows that upward momentum is slowing, while RSI hovers slightly above neutral at 51.
• If it breaks above $2.51, the price could rise to $2.60; conversely, if it cannot hold support at $2.39, the price may adjust downwards.
3. Long-term (1-day chart):
• XRP has risen sharply from $1.05 and is currently in an accumulation phase.
• Indicators such as RSI (64.76) show upward momentum, while MACD remains in a positive trend.
• Key Levels:
• Resistance: $2.53
• Support: $2.30
Market Sentiment and On-Chain Activity
XRP's network metrics reflect increasing usage and strong activity:
• Trading Volume: XRP Ledger is very active, with daily trading volumes competing with other major Layer 1 networks, indicating XRP's important role in fast and low-cost money transfers.
• Wallet Activity: The number of new wallets on the XRP Ledger has increased by 10.39%, while the number of active wallets has risen by 14.19%, indicating growing interest and adoption.
• Exchange Flow: A large amount of XRP withdrawn from exchanges and transferred back to personal wallets indicates accumulation by long-term investors – a positive signal.
Regulatory Developments and Fundamentals
Recent performance of XRP is influenced by positive regulatory developments and fundamentals:
• Regulatory Environment: The expectation of Paul Atkins becoming SEC Chairman, a person believed to be supportive of cryptocurrencies, brings optimism. This could pave the way for more favorable regulations and approval of digital asset ETF funds.
• Stablecoin Launch: Ripple Labs has received approval for its USD stablecoin, RLUSD, which is expected to strengthen Ripple's payment platform and attract more global users.
Conclusion and Outlook
The combination of strong technical factors, growing network activity, and positive regulatory developments provides a favorable outlook for XRP. Investors should pay attention to price movements against resistance at $2.51 and support at $2.39, as well as the broader market sentiment driven by regulatory changes.