XRP, the native token of the Ripple network, is catching traders’ eyes once again as its price action signals a potential major move, either upward or downward.
In the past 24 hours, XRP price has gained 3.7%, trading near $2.26 while maintaining crucial support above the $2.20 mark. This comes as the broader crypto market remains mostly green, with the global crypto market cap rising 1.18% to $3.36 trillion and total trading volume climbing over 5% to reach $73.96 billion.
Bitcoin (BTC) price edged up 0.32% to hover around $108,000, while Ethereum (ETH) also moved up by over 2% to $2,551. XRP’s daily trading volume jumped dramatically by more than 91% to $2.28 billion, showing renewed market activity around the token.
Despite this, XRP’s Futures Open Interest dipped by over 2.4%, hinting at traders taking a cautious approach. Technically, the Relative Strength Index (RSI) for XRP stands at 52, suggesting the asset is currently in neutral territory, neither heavily overbought nor oversold.
Key Resistance Level at $2.38
Renowned crypto analyst Ali Martinez recently highlighted that XRP’s immediate resistance sits at $2.38. In a recent X post, Martinez explained that breaching this level could open the door for a fresh bullish wave. If the token fails to break past this mark, it could struggle to maintain its current momentum.
At the same time, market expert EGRAG CRYPTO added to the conversation with his bullish outlook, describing the recent technical setup for XRP as “Bellissimo,” Italian for “very beautiful.” He shared a symmetrical triangle formation in a chart posted on X, pointing out that XRP’s breakout from this pattern could signal a powerful rally ahead.
Will Ripple Coin Soar to $120 or Pull Back to $1.24?
According to EGRAG’s analysis, the breakout projection suggests XRP could climb as high as $120 a staggering 9,000% jump from its current price. The Fibonacci retracement levels on the chart outline additional resistance levels traders should watch, including $3.52, $9.13, $15, and $30.
However, EGRAG also cautioned that XRP might revisit $1.24 before any sustained upward move, framing such a drop as a “lifetime opportunity” for buyers to re-enter the market. This aligns with classic technical setups where retests of previous breakout points help build a stronger base for future rallies.
For now, XRP traders should keep a close eye on whether the token holds the $2.20 support and pushes through the $2.38 resistance level. With market volatility high and volumes rising, XRP’s next move could be dramatic.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
