The XRP price has increased by 8% over the past 24 hours, reaching $2.31 amid a decline in trading volume. We explore the conditions for further growth.
Support and Technical Analysis of XRP
Analyzing the current chart structure, we see that XRP recently broke out of a descending triangle pattern, which typically signals bearish continuation. However, the price has stabilized at the support zone between $2.00 and $2.30, potentially allowing bulls to form a rebound. The resistance around $3.50 remains a key barrier to upward movement.
The Role of RSI in XRP Dynamics
The Relative Strength Index (RSI) is at 36.83, suggesting possible oversold conditions. The signal line at 47.15 indicates weak momentum, but a move above 50 could confirm the start of an upward trend.
Possible Scenarios for XRP
Price action in the support zone will be crucial. If buyers manage to hold the $2.00 – $2.30 range, a breakout towards $3.50 and beyond is possible. Failure to maintain this level could lead to a correction towards $1.91 or lower. Traders should closely follow buying volumes, RSI movement, and price behavior in the support zone.
XRP is at a pivotal moment, and its price movement in the near future will determine its further course. It is important to watch buyers' actions in the support zone and the movement of key indicators.
