XRP faces a critical resistance point that could shape its next price movement. After days of market fluctuations, traders closely watch whether the cryptocurrency can overcome its $2.30 resistance level.
The current price of XRP stands at $2.20, reflecting a 4.9% drop over the past 24 hours. During this period, the price peaked at $2.31, further highlighting the challenge posed by the $2.30 resistance wall. Despite these fluctuations, XRP has managed to stay above the $2 mark, a testament to its resilience against bearish pressure.
Source: CoinMarketCap
Bearish Momentum and Declining Volume
XRP’s daily chart reveals an absence of consolidation, which could provide the groundwork for a recovery. Instead, bearish sentiment dominates as sellers continue to exert downward pressure. Adding to the concerns, trading volume has dropped significantly by 14.16% within the last 24 hours, now at $4.6 billion. This decrease signals waning interest among traders, making a short-term recovery even more challenging.
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Nevertheless, a potential reversal remains possible if bullish traders regain control. A successful attempt to push XRP past the $2.30 level could result in moderate price gains, though sharp movements seem unlikely in the near term.
Whale Activity Raises Questions
Meanwhile, a large-scale XRP transfer to Coinbase has captured market attention. Over 30.17 million XRP, valued at approximately $69.24 million, moved from an unknown wallet to the U.S.-based exchange. This transaction has sparked speculation about its implications for the market.
Related article: XRP Consolidates Near $2.24: Is a Major Move Imminent?
Some investors worry the transfer could signal a potential sell-off, which might add downward pressure on the token. However, others suggest the whale could be consolidating assets for personal custody rather than planning a sale.
Despite current challenges, XRP remains at a critical juncture. A broader crypto market recovery could bolster its price, especially if significant developments within the XRP Ledger ecosystem provide additional support. For now, XRP’s path depends on breaking the $2.30 resistance and sustaining its momentum.
