XRP has increased over 5% in the past 24 hours, currently trading around 2.42 USD, approaching the important resistance level of 2.31–2.36 USD.
A breakout above 2.36 USD will pave the way for a new uptrend towards levels of 2.44–2.45 USD and beyond to the peak at 2.61–2.62 USD. However, pressure from the technical pattern and low trading volume remains a point to note.
MAIN CONTENT
XRP is returning to the strong resistance area between 2.31–2.36 USD with breakout potential.
The bullish pattern may face risks when signs of short-term correction appear below 2.27 USD.
Whales and large wallets still maintain confidence in XRP as the number of wallets holding over 1 million XRP is nearing historical peaks.
What price range is XRP currently in and what does the resistance level of 2.31–2.36 USD mean?
Market analysts indicate that the price level of 2.31–2.36 USD for XRP is an important resistance area, which has been challenged several times but has not been surpassed in recent weeks. If trading volume is large enough, breaking through this area will lay the groundwork for a new rally, stimulating market sentiment and attracting investors.
Technical analysis shows that a daily candle close above 2.36 USD will be a strong buy signal, aiming for higher price levels in the short term, namely 2.44–2.45 USD and 2.61–2.62 USD – the peak reached in mid-May 2024.
What does technical analysis indicate about XRP's short-term trend?
Technical analysis experts believe XRP is forming a rising wedge pattern, which often signals a price correction. The exit point will be the support level of 2.27 USD. If the price falls below this level, XRP is likely to adjust to the next short-term support areas at 2.21 USD and 2.17 USD.
The rising wedge pattern often serves as a warning sign of short-term downward risk; investors need to closely monitor the breakout action of the support area to avoid unnecessary capital loss.
Technical market analyst, June 2024
What is the role of trading volume in XRP's price volatility?
In the cryptocurrency market, trading volume plays a crucial role in confirming the strength of price trends. A market expert notes that despite XRP's strong increase, global trading volume remains low, raising the risk of a 'pump and dump' significantly.
Sustainable fluctuations are often noted when trading volume exceeds the threshold of 10 billion USD, as seen in the previous price increase from 0.58 USD to above 2 USD. Therefore, investors need to carefully consider before deciding to rely on short-term price increases.
What does the number of large wallets and whales holding XRP reflect about the long-term trend?
Santiment's report shows that XRP has just reached a 7-week high, surpassing 2.39 USD for the first time since May 23. There are currently 2,742 wallets holding over 1 million XRP, just one shy of the previous record.
These whales control 47.32 billion XRP, affirming strong belief in the potential growth of this currency in the near future. This is an important basis that helps reinforce market sentiment and maintain a positive trend.
Founder & CEO of a cryptocurrency research company, June 2024
How might XRP be affected if price volatility continues to tighten?
If XRP fails to hold the 2.36 USD mark, selling pressure may increase significantly, leading to a temporary price drop to the support area at 2.27 USD or lower. The recovery opportunity remains if the price quickly rebounds from this level, indicating a balance of supply and demand in the market.
Conversely, a breakout above 2.36 USD with significant volume will create a positive psychological effect, driving stronger inflow of capital, opening a new growth phase for XRP.
Real-world examples and related data about XRP in 2024.
Price Level Date Recorded Trading Volume (billion USD) Number of wallets holding over 1 million XRP 2.42 USD 12/6/2024 Decreased from 10 billion (not disclosed) 2,742 (nearly a record) Above 2.61 USD Mid-May 2024 Above 10 billion USD 2,743 0.58 USD (previous price) Before the strong rise in 2024 Above 10 billion USD Not applicable
Frequently Asked Questions
Should XRP be bought at the current price of 2.42 USD? Based on technical analysis and low trading volume, it is advisable to wait for a confirmed breakout above 2.36 USD before investing. What is the short-term risk of XRP falling? If XRP drops below 2.27 USD, a correction to support levels of 2.21 and 2.17 USD may occur. What is the significance of wallets holding over 1 million XRP in the market? Whales and large wallets holding 47.32 billion XRP demonstrate sustainable confidence in the currency, reinforcing the long-term positive trend. How does trading volume affect XRP's price volatility? Sustainable price increases often require trading volume above 10 billion USD to confirm trends, avoiding the risk of pump and dump. How to distinguish between buy signals and sell warnings for XRP? Closing above 2.36 USD is a strong buy signal; conversely, breaking below 2.27 USD signals a necessary caution for correction.
Source: https://tintucbitcoin.com/du-bao-gia-ripple-10-7/
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