XRP experienced a slight 0.05% increase in the last 24 hours, climbing to $2.65. This rise in price was accompanied by a significant surge in trading volume, surpassing the weekly average by 26%, indicating heightened interest from market participants. Despite fluctuating within a narrow range of $0.087 during the day and reaching a volume of 101.6 million coins, the strong resistance at $2.70 remains unbeaten. As a result, market participants are closely monitoring whether the support levels of $2.61 to $2.63 will hold.
XRP Gathers Strength Amid Institutional Demand
The increase in XRP’s price occurs during a period of overall market uncertainty. On-chain data reveals a 3.36% reduction in XRP reserves on exchanges since the start of October. Historically, such declines in exchange reserves have been linked to consolidation phases where investors withdraw altcoins to store them in personal wallets. The rise in institutional volume suggests that this movement might signify a broader market repositioning, rather than merely a short-term fluctuation.
Over the past 24 hours, XRP’s price has ranged between $2.655 and $2.568. Although buyers have been forming consecutive rising lows, the $2.70 resistance remains resilient. While the creation of a 101 million volume during this period confirms robust participation, the inability of the price to stay above this threshold has amplified uncertainty among investors. Towards the close, a brief dip below the $2.635 support suggests that buyers and sellers continue to seek equilibrium.
Technical Indicators Show Market Compression
The current configuration of XRP’s chart highlights a structure confined between the robust support around $2.614 and the formidable resistance at $2.70. The increase in trading volume reinforces this consolidation, while the brief support breach led to short-term selling pressure. The RSI indicator for XRP remains balanced, and the MACD is yet to provide a definitive bullish signal. This scenario underscores that the price is in a compression phase, suggesting an imminent significant directional movement.
Analysts emphasize that maintaining the support between $2.61 and $2.63 could trigger an upward breakout. A jump backed by volume might propel the price beyond $2.70, fostering new momentum. Conversely, a scenario where support fails could see retesting of the $2.60 or even $2.55 levels.