XRP Chart Reaches Key Level for Potential Breakout, Analyst States
Market strategist Dom indicates that XRP’s next price movement hinges on a critical technical line. The Binance XRP/USDT pair peaked at $2.50 before stalling at the volume-weighted average price (VWAP) tied to the 2018 all-time high. This VWAP has previously capped significant rallies and caused quick rejections.
Key points from the analysis:
- The latest spike reached $2.4082, settling at $2.3644, with an upper wick below the VWAP.
- The quarterly VWAP at approximately $2.30 has been reclaimed and is currently being back-tested; maintaining this level is crucial.
- A decisive close above the ATH VWAP near $2.50 could lead to a larger breakout for XRP, which has faced resistance since January's peak around $3.50.
Potential Breakout for XRP
Order-flow data supports bullish sentiment. Larger trades (10,000–50,000 XRP and 50,000+ XRP) have shown positive net flows, while smaller trades have turned negative, suggesting institutional interest over retail selling.
Broader market trends indicate strengthened speculative pressure similar to past peaks. Notably:
- The current environment displays the highest speculative intensity since late November.
- Funding rates for major altcoins suggest growing bullish activity.
The immediate outlook for XRP remains critical. It must maintain the $2.30 VWAP as support to continue testing the ATH VWAP. Failure to hold could revert prices toward mid-$2 levels, while a breakthrough could see prices rise towards the mid-$2.70s.
As of the latest update, XRP is trading at $2.46.
