The cryptocurrency XRP is showing fluctuations within the daily range of $2.42-$2.48. Amid market consolidation, technical indicators hint at an imminent change in direction.
Daily Chart Overview
On the daily chart, XRP maintains bullish momentum with strong support at $2.40. Resistance at $2.50 remains a key hurdle; surpassing it could drive the price toward $2.70. However, failure to break through may lead to a pullback to $2.35 or lower.
1-Hour Chart Insights
Short-term analysis indicates that XRP is trading in a tight range with resistance at $2.48 and support at $2.43. A break above $2.48, supported by strong volume, could push the price to $2.55. On the downside, a drop below $2.43 could invite further selling pressure, potentially testing the $2.40 level.
Market Sentiment and External Factors
XRP's outlook remains positive due to increasing adoption and Ripple's legal progress. Japan's Open House Group's recent acceptance of XRP for property transactions boosts confidence in its real-world utility. However, regulatory uncertainties and macroeconomic conditions continue to influence market trends.
XRP is at a crucial inflection point. A decisive move above $2.50 could lead to further gains, targeting $2.55 and beyond. On the downside, if XRP struggles to maintain support, a decline toward $2.40 or lower is possible. Traders should watch for breakout confirmations before taking positions.
