XRP Price: Token Consolidates at $2.80 as Charts Signal Breakout Toward $4.50

TLDR

• XRP is trading at $2.87, down 1.13% in 24 hours but up 0.69% over the past week
• The cryptocurrency is consolidating between $2.82 and $2.94, with analysts watching for a potential breakout
• Chart patterns show similarities to 2017’s price action before XRP’s previous parabolic rally
• Key resistance level sits at $3.65, with potential to push toward $4.50 if broken
• Trading volume dropped 17.35% to $4.91 billion while open interest fell to $7.46 billion

XRP is currently trading at $2.87 after declining 1.13% in the past 24 hours. The cryptocurrency posted a weekly gain of 0.69% despite the recent pullback.

Trading volume decreased by 17.35% to reach $4.91 billion according to data from CoinGlass. The daily trading activity stands lower than recent levels at $4.89 billion based on market data.

The token is moving within a tight range between $2.82 and $2.94. Analyst Crypto Catalysts identified these levels as critical price boundaries for the cryptocurrency.

Support holds at $2.82 where the 100-day exponential moving average sits. Resistance appears at $2.94 which aligns with the 50-day exponential moving average.

Exchange reserves for XRP have been rising according to market observers. This increase in exchange holdings suggests potential buying pressure building in the market.

The broader cryptocurrency market has shown strength recently. Bitcoin and Ethereum both gained momentum starting last Friday which provided a lift to other digital assets.

Chart Patterns Echo 2017 Price Action

Analyst CRYPTOWZRD noted that XRP’s current chart structure resembles patterns from 2017. That year preceded a major price rally for the cryptocurrency.

The weekly timeframe shows XRP in what appears to be an accumulation phase. The token is consolidating in a similar manner to its behavior before the 2017 breakout.

Traders are focused on the $3.65 price level as the critical resistance point. Breaking above this level could open the path for further gains according to technical analysis.

If XRP clears $3.65, the next target sits around $4.50. Moving past that level would put the cryptocurrency into price discovery mode with no established resistance above.

Market Metrics Show Mixed Signals

Open interest in XRP futures dropped by 2.34% to $7.46 billion. The OI-Weighted Funding Rate stands at 0.0060% according to CoinGlass data.

Liquidations over the past 24 hours totaled $6.63 million. Long positions accounted for $4.01 million of these liquidations while shorts made up $2.61 million.

The decrease in trading volume and open interest reflects a quieter market environment. However technical indicators suggest the consolidation phase may be nearing its end.

Ripple’s legal situation with the SEC concluded with a partial victory for the company. This resolution removed a major source of uncertainty that had weighed on the token.

The company continues to develop its cross-border payment solutions. These real-world applications maintain demand for XRP in the financial services sector.

XRP remains below its key resistance at $2.94 as of the latest data. Market participants are monitoring whether the token can push through this level to confirm a breakout toward $3.65.

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