Key Insights
Price action indicates a potential rally if XRP surpasses the $2.825 level. Traders are heavily leveraged at $2.70 on the downside and $2.825 on the upside.
XRP is once again testing the crucial support level of $2.70, marking the third time in six weeks. The consistent defense of this support zone has put traders and investors on high alert given its historical significance.
Current Price and Bullish Signals
With the current market sentiment and historical performance in mind, crypto expert Ali Martinez shared a post on X (formerly Twitter) reinforcing XRP’s bullish outlook.
XRP’s TD Sequential has turned bullish, signaling a potential rebound. Martinez stated, “Rebound setup in play!”
At the moment, XRP is trading at $2.80, showing a 1.35% increase over the past 24 hours. This uptick has generated increased interest from traders and investors, with a reported 11% rise in XRP’s 24-hour trading volume compared to the previous day.
XRP Price Action and Key Levels to Monitor
Technical analysis from AMBCrypto suggests that XRP is starting to reverse its downtrend. The asset has broken out of a descending trendline on the four-hour chart, potentially paving the way for a 10% price surge.
However, the 15-day and 21-day Exponential Moving Averages (EMAs) are currently acting as resistance levels.
Source: TradingView
Based on recent price movements and technical indicators, a significant rally may occur if XRP surpasses both EMAs and closes a four-hour candle above the $2.82 level. This could potentially lead to a 10.50% increase, pushing XRP towards the $3.10 mark in the near future.
XRP’s Mixed Signals
Traders are predominantly following the bullish trend by heavily favoring long positions. CoinGlass’s on-chain analytics revealed major liquidation levels at $2.70 (support) and $2.825 (resistance) at the time of reporting.
Source: CoinGlass
However, recent movements of XRP tokens onto exchanges worth nearly $10 million within 24 hours suggest potential selling pressure from investors and long-term holders following the price recovery.
Source: CoinGlass
Additionally, Binance’s exchange reserves saw a notable increase of 61 million XRP during the same period, rising from 2.928 billion to 3.538 billion as of September 1st.
