Recent price fluctuations of XRP have caught analysts' attention. The rise to $2.30 followed by a pullback raises questions about the cryptocurrency's further trend.
Overall State of XRP
Since early April, XRP has been trapped in a narrow range between $2.00 and $2.10. This week, the cryptocurrency managed to briefly surpass all three major moving averages (50, 100, and 200 EMAs) before falling back under resistance.
Market and Volumes
While the pullback might seem disheartening, it demonstrates significant demand from buyers. The drop to $2.30 was accompanied by a spike in volume, indicating interest in the market even during instability.
Future Strengthening of XRP
Uncertainty regarding XRP's future remains, but positive signals, such as the RSI breakout into mid-range values, show the presence of bulls. This may suggest the market won't remain in a sideways channel for long and a real breakout could occur.
Despite the recent fluctuations, signs of buyer activity indicate potential strengthening of XRP in the future. A clear move above the $2.30 level will be required to confirm this.
