$XRP potential to reach $5 analyzed

Price Action: XRP is trading around $2.03, down 3.71% in the last 24 hours, and is currently caught between key support and resistance levels.

• Technicals: The RSI is in a neutral zone around 42, with a bearish trend indicated by the MACD. Key support is at $2.00, with major resistance at the $2.30-$2.40 range.

• Catalysts: Positive regulatory developments, including acceptance as CFTC-regulated collateral, and strong institutional inflows into XRP ETFs are key drivers.

Market Performance

• XRP is currently priced at $2.03, reflecting a 3.71% decrease over the past 24 hours. The 24-hour trading volume is approximately $3.32 billion.

• With a market capitalization of around $122.7 billion, XRP holds the 4th rank in the cryptocurrency market.

• The price is trading below its key 20-day moving average, with the 7-day and 30-day price changes showing a decline of 7.52% and 12.09% respectively.

Trading Strategy

• Key support levels to watch are at $2.07 and a stronger base between $1.89 and $2.00. A fall below this level could lead to further downside.

• Immediate resistance is found at $2.18, with a more significant hurdle at the $2.28 to $2.40 zone. A decisive break above this area is needed to renew upward momentum.

• Technical indicators show a mixed picture. The 1-hour RSI is neutral at 42.77, while the MACD indicator, although negative, is showing signs of diminishing bearish momentum.

• XRP is forming a multi-month symmetrical triangle pattern, which typically precedes a significant price breakout. Traders should watch for a high-volume move out of this pattern to determine the next major trend direction.

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