XRP has experienced a mild pullback recently, dropping about 4.5% over the past week after a strong rally that began the previous Wednesday. Despite this short-term dip, XRP remains a leading performer among top cryptocurrencies with an 11.4% year-to-date return, slightly ahead of Bitcoin.
Price action: Currently trading around $2.31, XRP has found notable support at the $2.30 level, which is holding strong. The token has faced resistance around $2.66, but the rally shows potential as trading volume surged by 72% in the last 24 hours, reflecting sustained market interest.
Technically, XRP’s price is supported by the 50-day exponential moving average (EMA) and is still above the 200-day EMA, indicating a bullish long-term trend. It recently broke out from a descending triangle pattern with higher highs, which bolsters positive sentiment. If the $2.30 support withstands, market participants expect minimal short-term reversal risk and a potential resumption of the rally.
Market developments: Ripple has onboarded two new enterprise customers for its payments platform in the United Arab Emirates, following its licensing by the Dubai Financial Services Authority (DFSA) to operate as a crypto-native payments provider. This development enhances Ripple Payments’ positioning in a major remittance hub, which could further boost XRP’s adoption.
Meanwhile, analysts remain optimistic about XRP surpassing the $3 mark despite recent volatility. A bullish trend line at $2.355 support, aligned with the 61.8% Fibonacci retracement level, is critically watched. Short-term bearish signals such as XRP trading below the 100-hour simple moving average and the hourly MACD being bearish are present, but many market experts interpret the recent four-day red close streak followed by a green close as a positive consolidation pattern.
Traders are closely monitoring if XRP can hold key technical support levels to sustain upward momentum. Resistance levels to watch include $2.40, $2.45, and if breached, potentially higher targets leading up to $2.80 and beyond. The ongoing market dynamics suggest that XRP is in a consolidation phase that could precede a strong upward move.