XRP, the native token of Ripple, is facing challenges in regaining upward momentum amidst sustained selling pressure. Despite market volatility and regulatory uncertainties, investors are closely monitoring the potential for a rebound. With on-chain metrics suggesting renewed accumulation and Ripple’s ecosystem expansion continuing, there is speculation about a trend reversal. The upcoming days hold significance in determining XRP’s next price direction.
XRP’s price is currently hovering around $2.45, following a drop from its weekly high of $2.55, reflecting a broader market correction affecting major altcoins. The token lost support at $2.71, now acting as a short-term resistance level. Technical indicators show a declining RSI and weakening momentum, with trading volumes staying low. However, on-chain data indicates whale accumulation at current levels, prompting speculation about a potential technical rebound for XRP.
The XRP/USDT daily chart shows the token consolidating near $2.45, with signs of a possible momentum shift as the MACD indicates convergence and the RSI approaches oversold territory. A break above $2.59 could signal a short-term recovery, while failure to maintain above $2.40 may lead to a deeper correction towards $1.62 support.
In summary, XRP’s short-term outlook depends on reclaiming the $2.60 resistance level, which could pave the way for retesting $2.85-$3.00 if buying momentum strengthens. On-chain data suggests increased whale accumulation near $2.40, indicating potential for a rebound. However, sustained weakness below $2.40 could negate this bullish scenario, pushing prices towards $1.80 or even $1.62. The future of XRP hinges on whether accumulation translates into a confirmed technical breakout.
