XRP has increased by 13% in the last 24 hours, following the trend of the cryptocurrency market recovery after a recent downturn. However, the reasons for this recovery are not straightforward.
Current Situation in the XRP Market
XRP's recovery occurred against the backdrop of improved market sentiment due to news that Donald Trump delayed the tariffs on Canada and Mexico for 30 days. These positive developments led to renewed buying activity.
Low Trading Volume and Negative Balance of Power
Despite the significant price increase, indicators suggest the rally may be temporary. Over the past 24 hours, XRP's trading volume has declined by 22% to $22.39 billion. This may indicate weak market demand. The Balance of Power (BoP) indicator for XRP remains negative at -0.57, signaling continued bearish pressure despite recent price gains.
XRP Forecasts: Bearish and Bullish Scenarios
At press time, XRP has recovered 45% from Monday’s low of $1.77. However, the future trajectory depends on demand shifts. If trading volume continues to decline, XRP could retrace to $2.13 with a potential drop to $1.48. Yet, if demand surges, the price could reach $2.94, invalidating the bearish outlook.
Thus, despite the current surge, XRP's further trajectory will depend on changes in trading volume and the overall market. Monitoring these indicators will be critically important in the near future.
