[XRP bull rally intensifies, will price retest double top resistance? 】
XRP Price Analysis: XRP price has been volatile over the past seven days, showing a bearish trend at the start of the week, with prices fluctuating between weekly highs of 0.5485 and lows of 0.508, largely influenced by regulatory developments and ETF speculation.
Over the last 24 hours, bulls established support at the intraday low of 0.5317, with the price quickly rising to an intraday high of 0.5423 before encountering stiff resistance.
If approved, this development could increase XRP’s liquidity and market exposure, stabilizing and boosting its price expected around 2025.
On the 24-hour price chart, price action initially showed a descending triangle pattern with price action forming lower highs while holding steady support at around 0.43, which is typically a bearish pattern that tends to result in lower prices. Chaikin Money Flow (CMF) is -0.08, indicating slight selling pressure, suggesting money is flowing out of XRP, potentially signaling further price declines.
XRP’s RSI is 55.48, which is neither overbought nor oversold. The RSI is above 50, indicating moderate bullish momentum, which could support price gains if other factors cooperate.
The resilience of the support levels suggests buyers remain active at these low levels, potentially setting the stage for a price reversal. The neckline of this pattern is around 0.53, which has been retested and now serves as important support. If XRP is able to sustain above this level, it could signal increased buyer momentum, pushing the price towards higher resistance.
If XRP can break and sustain above the immediate resistance at 0.543, a retest of the double-top resistance at 0.595 to 0.6 is likely. However, if it fails to break this resistance, XRP may test the support at 0.53 again. A break below this support could lead to further declines to 0.5. If the bearish sentiment persists and the price breaks below 0.5, the next target will be the main support level at 0.43, which is in line with the bearish implications of the descending triangle pattern.
Recent regulatory developments and market activity have further impacted XRP’s market dynamics. Coinbase’s relisting of XRP in New York, coupled with the passage of the FIT21 bill by the U.S. House of Representatives, provides a clearer regulatory environment that may increase investor confidence.Additionally, XRP whale activity has been significant, indicating strong support for the cryptocurrency’s price stability and potential growth.
Meanwhile, buzz about the launch of a spot XRP ETF in the United States has injected optimism into the market. Analysts including Standard Chartered have identified XRP as a strong candidate following the approval of a spot Ethereum ETF.
