Major cryptocurrencies are showing recovery after a significant pullback, with XRP standing out with impressive growth.
Current Market Situation
After a slight pullback earlier this week, major altcoins have regained positive momentum. XRP stands out, with its price rising to $2.40, registering a 2.15% gain in the last 24 hours and a staggering 174% increase over the past 30 days. Investor confidence has been buoyed by several positive developments, including XRP's listing on Arkham Exchange for both spot and perpetual trading pairs.
Consolidation Phase
Technical analysis indicates XRP made a strong U-turn from its recent low around $1.90, bringing it close to the upper resistance trendline of the declining channel. CoinGlass data shows a 13% increase in Futures Open Interest, indicating growing trader interest in XRP. Currently, XRP is trading at $2.40, with a trading volume down by 36.64%. After facing resistance at the $2.53 level, the price has entered a consolidation phase with a breakout anticipated soon.
Potential Scenarios
If the price surpasses the $2.52 level, it will likely rally towards the $2.63 resistance level. Conversely, if the price drops below the $2.24 level, a retest of the recent support at $1.94 is likely.
XRP continues to show resilience in challenging conditions, with the coming days potentially being crucial in determining its next move.
