XRP Experiences a Two-Week Surge After Prolonged Decline
XRP has risen 25% in just two weeks, currently valued at $2.34, with significant trading volume and key resistance levels to watch.
XRP Experiences a Two-Week Surge After Prolonged Decline
XRP has seen a substantial rebound, climbing 25% over a two-week period, with its value now at $2.34. This rise comes at a time when trading volumes have exceeded $8.5 billion and XRP maintains a market cap of $142 billion, securing its position as the fourth-largest cryptocurrency.
Price Recovers from Key Support
The bullish trend was triggered when XRP tested support at the $2 threshold, a crucial level that held firm during the previous year. Buyers have entered the market, leading XRP to reclaim value after seven weeks of losses. It is now approaching the $2.34 to $2.4 zone, with short-term buying momentum continuing.
ChartNerdTA described this recovery as a full rebound, stating it has eliminated the “last 7 weeks of downside price action.” The upward move has cleared various technical checkpoints, focusing attention on $2.5 as the next potential hurdle; breaking this could see traders target $2.75.
CryptoWZRD noted that the XRPBTC trading pair has been a significant factor in this rise, identifying a resistance level at $2.27, and advised, “A retest of $2.28 with a reversal could offer a long,” highlighting the risk of range-bound trading if the support fails.
Additionally, the $2.41 level is gaining attention. Steph Is Crypto remarked that this is a “cost-basis wall,” where approximately 1.56 billion XRP were previously purchased. Movements into this area often encounter selling pressure from holders looking to sell at a break-even point.
In a more cautious note, John Bollinger indicated that while the XRP chart shows a “strong lift,” he believes the pattern is “weaker” compared to those of Bitcoin and Ethereum, citing the absence of tight consolidation before the rally as a possible factor for instability.
ETF Flows and Supply on Exchanges
On the institutional front, U.S. spot XRP ETFs brought in over $46 million in inflows on Monday, maintaining a record of no outflows since their launch in mid-November. The steady inflow signals sustained demand from institutional investors.
Furthermore, the available supply on exchanges is decreasing, which could provide further price support if demand remains strong. Traders are eagerly watching to see if XRP can hold above the $2.5 mark, or if prices will see increased selling pressure near current levels.
