XRP has shown one of the most significant increases this year, rising to $3.60 before retracting to $3.03. Trading volume surged by 200% over the last 24 hours.
Technical Indicators Signal Positive Trend
According to CoinMarketCap data, both the 200 EMA and 50 EMA levels remain significantly below the current price, indicating a strong upward trend. The Relative Strength Index (RSI) has receded from the overbought zone but remains above the midline, suggesting potential for continued growth.
$4 as a Critical Resistance Level
Exchange data indicates that large investors favor long positions, with long/short ratios at 2.47 (account-based) and 2.75 (position-based). However, the $4.00 level is seen as a psychological resistance point. Overcoming this barrier could propel the price to $4.50 in the medium term.
Importance of Maintaining Price Growth
Experts emphasize the significance of XRP maintaining above the $3.20 level. A drop below $2.90 could weaken the current upward trend. Sustained increases in trade volume in both spot and derivative markets will be critical for maintaining upward trend dominance among buyers.
In light of XRP's current increase, it is essential to monitor key support and resistance levels, as they can significantly influence future price movements.
