XRP Price Stabilizes at $2.85 Amid $3.00 Resistance Concerns
XRP Trading Overview
XRP traded within a $0.09 range after rising to $2.91, followed by profit-taking. The token settled at $2.85 amid tapering volumes, with analysts noting bearish divergences and increased reserves on Binance.
Key Developments
- XRP witnessed over $6 billion inflows in two days due to treasury adoption and speculative activities.
- Regulatory focus intensified as reports showed no corporate buy orders on Binance despite reserve increases.
- Wall Street advises caution until XRP breaks above $3.00 to confirm trend direction.
Price Action Summary
- Aggressive buying pushed XRP to $2.91 on significant volume.
- Profit-taking brought prices down to $2.82–$2.84, with turnover above the 24-hour average.
- XRP stabilized between $2.85–$2.86 with reduced volume.
- Market cap consolidated near $2.85, without retesting session highs.
Technical Insights
- Resistance is strong at $2.91 due to heavy rejection volume.
- Support confirmed at $2.82–$2.84 with multiple buy spikes.
- A breakout through $2.85 indicated algo-driven demand.
- Late-session consolidation shows lower selling pressure but lacks strong conviction.
- Divergences on momentum indicators limit short-term upside potential.
Trader Considerations
- Ability of XRP to reclaim $2.91 and close above $3.00 to flip resistance.
- Impact of Binance’s 19% reserve increase and whether inflows indicate sell-side liquidity.
- Regulatory scrutiny concerning exchange behavior and lack of corporate bids.
- Potential influence of the Fed's dovish stance on rates for Q4 crypto flows.