$XRP
🚨 XRP consolidating amid rising institutional adoption 🚨
XRP’s price hovers sideways between the support offered by the 4-hour 50-period Exponential Moving Average (EMA) at around $2.22 and the resistance highlighted by the 100-period EMA at $2.26.
A recent recovery from last week’s drop to $2.07 failed to break above resistance at $2.27, resulting in the ongoing pullback.
The reversal of the Relative Strength Index (RSI) after briefly peaking at 66 signals a bearish shift. If the RSI slides below the 50 midline, reflecting changing market dynamics, the path of least resistance could remain downward in upcoming sessions.
Beyond the 50-period EMA support at $2.22, other key areas of interest include a recently tested level around $2.07 and the buyer congestion zones at $1.92, $1.85, and $1.61, all of which were tested in April.
The XRP derivatives market data indicates bullish potential, with Open Interest (OI) rising by 1.31% to $4.00 billion.
Rising trading volume, along with higher short position liquidations of $1.81 million compared to $1.35 million over the last 24 hours, could create an environment suitable for a sustainable recovery.